Nigerian Petrol Prices Skyrocket to N350 per Litre as Subsidy is Removed
In a stunning move that has sent shockwaves through the downstream sector of the Nigerian petroleum industry, the newly elected President Bola Tinubu announced the immediate removal of petrol subsidies, leading to a sharp increase in pump prices. As consumers rushed to petrol stations, they were met with soaring prices and long queues, while commercial transporters wasted no time in raising their fares across the country.
The president’s declaration during his inaugural speech yesterday, stating that “petroleum subsidy is gone,” triggered an immediate response from petrol station operators. Daily Global News investigations in Lagos revealed that some marketers had already raised their prices by a staggering 100 percent, with petrol now being sold for as high as N370 per litre, up from the previous N185. However, a few major marketers kept their prices between N195 and N220 per litre in select stations across Lagos and Abuja.
Amid the price hikes, some petrol stations opted to shut down, exacerbating the emergence of long queues and further straining the already tense situation. Depot owners also ceased operations, arguing that they needed clearer guidelines on the implementation of the new order before resuming their activities.
In the nation’s capital, Abuja, long queues resurfaced at petrol stations as motorists reacted to the sudden removal of petrol subsidies. Commuters found themselves stranded at bus stops, anxiously awaiting commercial buses that were affected by the chaotic aftermath of the subsidy removal. Fearing potential scarcity, those few buses that were still in operation raised their fares by 50 to 100 percent.
Expressing their frustration, motorists voiced their concerns about the immediate consequences of this decision. One motorist, who had rushed to fill his tank and jerry cans for his power generator, criticized President Tinubu, saying, “Why would Tinubu start on this note to punish the already depressed, impoverished Nigerians inflicted by the out-gone administration of President Muhammadu Buhari? This is absolutely unfair to Nigerians.”
Another motorist in the Agege area, Mr John Akinloye, spoke about the long queues and the limited fuel purchase allowed by attendants, saying, “I just pray this sad and unfortunate development will not last so as not to put suffering masses in another round of economic and mental torture.”
At Conoil and Adova Petroleum stations in the Karu area of Abuja, long queues were observed, with petrol being sold at N195 per litre. Independent marketers, however, raised their prices significantly, with pump prices ranging from N315 to an astonishing N370 per litre in regions outside Lagos and Abuja.
The situation is expected to worsen in the coming days as workers and business owners return to work after the holiday declared for the presidential inauguration. The removal of petrol subsidies has stirred concerns about the potential impact on the already burdened Nigerian economy and the well-being of its citizens.
As the nation grapples with the immediate fallout from this bold move, Nigerians anxiously await further developments and hope for measures that will alleviate the increased financial strain and ensure the availability of affordable petrol in the future.
