HomeOil & GasSubsidy: Long Queues Resurface In Nigeria, Fuel Sells N600/litre

Subsidy: Long Queues Resurface In Nigeria, Fuel Sells N600/litre

Long queues have resurfaced in some parts of the country Less than 24 hours after President Bola Tinubu declared an end to fuel subsidy.

This development also occurred along side the increase of pump price of Premium Motor Spirit commonly known as petrol.

The increase which was sudden has surged from the old price of N195/l to N600 per litre in some parts of the country.

Transportation fare has also increased with a huge margin in Lagos and other states of the country like Abuja, Ilorin, Benin, Asaba, Port Harcourt, Kano, Makurdi and other major cities and urban areas.

According to reports, many commuters who are ready to purchase fuel at the exorbitant amount don’t even have access to the product as many fuel stations have shut down their facilities and refused to sell to motorists.

Going memory lane to what triggered the issue, Tinubu had in his inaugural address at the Eagle Square on Monday pronounced with finality an end to subsidy.

In reference to this, he noted that the 2023 Appropriation Act did not provide for petrol subsidy beyond June; the end of the 18-month extension period approved by the Muhammadu Buhari administration for the discontinuance of the subsidy regime.

According to data from the Nigerian National Petroleum Company Limited and the Nigeria Extractive Industries Transparency Initiative, the petrol subsidy gulped N6.88trn under the administration of former President Buhari.

In reaction to the President’s Monday pronouncement, fuel outlets hiked the pump price to the consternation of citizens.


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