Subsidy Removal: Fuel Jumps To N350/ltr, Transport Prices Shoots Up, Queues Return

• The Nigerian government has removed the subsidy on petrol, leading to a sharp hike in pump prices and commercial transport fares.

• Petrol stations have closed, causing long queues across the country.

• Some stakeholders believe that the subsidy removal is a welcome development, while others think it could punish already impoverished Nigerians.

EKO HOT BLOG reports that the downstream Nigerian petroleum industry has been thrown into chaos due to the immediate removal of subsidy on petrol, leading to a sharp increase in pump price and long queues at petrol stations.

Commercial transporters have also increased their trip fares across the country in response to the developments.

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In Lagos, some marketers have increased their prices by about 100%, while other stations, especially major marketers, have sold between N195 and N220 per litre in Lagos and Abuja.

Some petrol station operators even shut their filling stations, leading to queues.

Meanwhile, commuters are stranded at various bus stops waiting to board commercial buses that may have hiked their fares between 50% and 100%.

The topmost price range for petrol was recorded outside Lagos and Abuja.

While stakeholders believed that the subsidy removal was overdue, some motorists lamented that the decision to remove the oil subsidy would punish the already impoverished Nigerians.

Immediate past chairman, Major Oil Marketers Association of Nigeria, MOMAN, who doubles as the Managing Director, 11PLC, Adetunji Oyebanji, said that the subsidy removal is a welcome development, as it will prevent the country from bleeding every day.

Oyebanji believes that if the government is not careful, all revenue will be going into subsiding debt and paying salaries instead of developing the country.

Similarly, the Lead Promoter, EnergyHub Nigeria, Prof. Felix Amieyeofori, noted that the subsidy only benefits the elites and that the government should direct the subsidy to other strategic economic programs, as they cannot borrow to pay the subsidy.

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On the other hand, National President, Oil and Gas Service Providers Association of Nigeria, Mazi Colman Obasi, described the fuel subsidy as a cheap way of making money and believes that anything that would remove such easy money could be resisted.

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