Newly elected Nigerian president has directed the removal of oil subsidy.
The downstream end of the Nigerian petroleum industry has gone into a frenzy as operators respond to the immediate removal of subsidy on petrol with a sharp hike in pump price just as consumers crowded to the petrol stations. Commercial transporters have also hiked their trip fares across the country in response to the developments. On his inaugural speech yesterday, the new president, Bola Tinubu, had stated that “petroleum subsidy is gone”.Some marketers responded by increasing their prices by about 100 percent to N370 from N185 per litre. However, few other stations especially the major marketers, sold between N195 and N220 per litre across Lagos and Abuja. Our findings also showed that some of the petrol stations operators simply shut their filling stations, thus leading to the emergence of long queues. This is even as depot owners shut their operations, arguing that further clarification was needed to guide activities on the implementation of the new order. In Abuja, long queues r...
