President Ahmed Tinubu is reportedly contemplating a temporary subsidy on Premium Motor Spirit (PMS) popularly known as petrol. Presidency source revealed that the plans on reintroducing fuel subsidy is not yet finalized, but the proposal is "firmly on the table" of Tinubu. This is a result of the increase in landing cost as crude oil prices and foreign exchange rate continues to surge. The move came after months of anti-government violent protests over the burden of the high cost of living.
According to a presidency official, the “realistic” amount of petrol consumed in the country is now known following the removal of subsidy on Tinubu’s inauguration, hence the amount spent on subsidy “can now be controlled”.
Already, labour unions have threatened to embark on an indefinite strike if there is a further surge in the price of petrol.
it was reported that on Monday the Kenyan government, on Monday, re-introduced fuel subsidies to curb soaring prices of petrol, kerosene, and diesel in the country.
Nigerians have continued to groan under harsh economic realities following the removal of the petrol subsidy in May 2023. Following the removal of the fuel subsidy, the price of petrol has gone from N200 to N500/700 in the last three months.
On Monday, the Nigerian National Petroleum Company (NNPC) Limited debunked news of plans to hike pump prices despite the rise in crude oil prices, landing cost, and fall in the value of the naira.
Speculations going around alleging another increment in the pump price of petrol (currently above N600) have incited uproar among Nigerians across the nation, which lead to panic buying in the early hours of Tuesday
