Following the affirmation of subsidy removal by the former President Buhari administration during the inaugural speech by President, Bola Ahmed Tinubu, markets have jerked the fuel pump price to between N210 – N500 per litre in FCT and Environs. During his inaugural speech yesterday, the president disclosed that since the last administration had only budgeted the fuel subsidy halfway into the year 2023, the subsidy is gone for good.
Assessment to Vigil360 around the Federal Capital on Monday evening, commuters were rushing into panic buying with long queues building up at fuel filling stations with most of the filling stations selling at N210 per litre instead of the N195 official pump price, although some filling stations along Airport road and Ahmadu Bello way were still selling at official pump price.
It was learned that Lagos state was worse hit by the conspiracy of the oil marketers as independent marketers were dispensing at N370 as against the official N180 per litre..
Also, independent marketers in Delta state were not left behind as they were demanding N500 per litre as against the official pump price of N180 per litre.
Meanwhile, in Niger state, the per litre price was going for N210 –N300 as against the official N195 per litre.
The public was shocked by the conspiracy of the independent oil marketers just six hours after the president affirmed the removal of the subsidy by the end of June 2023.
Former president Buhari had already budgeted the subsidy until the end of June 2023, which means that all available fuel in the market from now till the end of next month is enjoying the subsidy.
No Need for Panic Buying NNPC
Reacting to the conspiracy of the independent markers to sabotage the government, the Group Chief Executive Officer of the Nigerian National Petroleum Corporation, Mallam Mele Kyari, said he has backed the decision of the president on the subsidy removal, however, urged Nigerians to avoid panic buying.
He revealed that the company has enough products that will take the country through one month.
Apply Caution on Subsidy removal, NUPENG To Tinubu
On their side, the National Union of Petroleum Workers and Natural Gas has called on President Tinubu to exercise caution on anything that has to do with subsidy removal.
The president of the Union Prince Williams said the new administration should take its time to study the intrigues before taking action.
In a statement, NUPENG said, “Any major policy decision on the removal of the subsidy on this essential economic item should be taken with extra caution given the enormous implications and the impacts on the overall economic activities of the nation and other unintended consequences on the ordinary citizens considering the socio-economic importance of the product,”
