Nigerians are lamenting the rise in the pump price of Premium Motor Spirit, popularly called petrol, which was raised from N537/litre to N617/litre at some filling stations operated by the Nigerian National Petroleum Company Limited (NNPCL) in Abuja on Tuesday.
The price is expected to be higher in filling stations operated by major and independent markets
Recall that President Bola Tinubu had during his inaugural address on May 29, announced that subsidy on petrol had ended, a development that led to the jump in the price of the commodity from N198/litre to over N500/litre on May 30, 2023.
At the time that Tinubu announced the removal of subsidy on fuel, a dollar exchanged for about N460. It is now over N800 for a dollar after the Central Bank of Nigeria (CBN) unified the foreign exchange markets. This, appears, to be the reason for the sudden increase in the pump price of fuel to reflect the reality of the exchange rate.
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@adeyanjudeji said: “You want to remove subsidy but you won’t sell refineries that produce zero oil so that the sector can be fully deregulated but you can invest billions of dollars into Dangote’s refinery and you say this country is not jinxed? Only Atiku had a clear plan on how to solve this issue.”
@SodiqTade said: “A litre of fuel is now selling for N617 naira almost two months after the removal of subsidy by Tinubu. Do you still think the 8k per household will cushion the possible effects of this new price. It seems Nigerians have entered one chance with this mandate.”
@abazwhyllzz said: “I was about driving out to see a friend, and I noticed my fuel tank was almost empty. So I drove to a nearby filling station. I saw the fuel price reading N617 naira. So, I took a step of faith. I stepped down from my car, shouted Akanbi 7 times, and boom, the price changed for only me to N143 naira. This Tinubu govt is already favouring me.”
@Naijatrekker said: “On a Monday which is very busy in abuja all the roads was clear and scanty like people no dey hustle for this city again. Renewed shege start for Abuja abeg Lagos come and carry your Jagaban we no want aga”