Marketers and operators have raised petrol pump prices to N210-N500 per litre in response to President Bola Ahmed Tinubu’s administration’s confirmation of the withdrawal of fuel subsidy.
The President stated in his inaugural speech on Monday that because the immediate past President, Muhammadu Buhari, did not budget for gasoline subsidies in the second part of the year, the payment is no longer available.
On Monday evening, a walk around the nation’s capital revealed that long lines had returned as residents purchased fuel for N210 per litre as opposed to N195 per litre. However, some filling stations along the Kubwa motorway in Lugbe continue to offer fuel for N195 per litre.
In Lagos, the petrol pump price has nearly tripled, with Lagosians now paying N370 per litre, up from N180 per litre.
The pump price in Warri Delta state had risen to N500 per litre.
In Niger state, petrol pump prices had risen to between 210 and 300 Naira per litre.
These pricing increases occurred less than six hours after Tinubu’s statement at Eagle Square in Abuja during his inaugural speech.
Buhari budgeted for fuel subsidies till the end of June, implying that most fuel items are still subject to the subsidy regime.
Mr Julius Eze, an Abuja bolt driver, stated that the significant increase is unjust.
“Petrol marketers are the real problem of Nigeria. Though, some of us saw it coming,” he said.