Few hours after Pres Tinubu announced fuel subsidy, filling station sells fuel N600 per liter

GistReel

Barely 24 hours after president, Bola Tinubu announced fuel subsidy, a fuel station has been seen selling fuel for N600 per liter. In the early hours of yesterday, May 29th, the newly elected president, Bola Tinubu was sworn in officially as the president of Nigeria. During his speech, he made a few promises which included a fuel subsidy. Few hours after Prez Tinubu announced fuel subsidy, filling station sells fuel N600 per literFilling station increase fuel price after Tinubu announce fuel subsidy. Photo credit: Bola Tinubu. Source: Google Bola Tinubu declared the removal of subsidy on petroleum products, highlighting his administration’s focus on economic growth and reform. However, barely 24 hours after President Tinubu made the announcement, a filling station has been captured on camera selling a liter for N600.

Petrol may sell at N750 per liter if subsidy is removed — Stakeholders warn

Petrol may sell at N750 per litre if subsidy is removed — Stakeholders warn

Stakeholders in the Nigerian oil and gas industry warn that consumers should brace up to pay N750 per litre for petrol as the Federal Government prepares to fully remove subsidy in the coming months.

Petrol may sell at N750 per litre if subsidy is removed — Stakeholders warn

This information was revealed during an online workshop themed “Deregulation of the Nigerian Downstream Sector: The Day After,” with participants including representatives from various industry bodies such as ARDA, NMDPRA, MOMAN, DAPPMAN, IPMAN, NRL, PETROAN, FCCPC, PwC, and CITAC Africa. During the workshop, stakeholders stressed the importance of the government addressing the challenges facing the sector, while expressing their full support for the planned full deregulation. The National President of IPMAN, Mr. Chinedu Okoronkwo, warned that the projected pump price of petrol could rise to N750 after the full implementation of subsidy removal, but could drop to around N500 if the government provided foreign exchange for marketers at the official rate. Okoronkwo also urged the government to allocate expected savings from subsidy removal to the provision of palliatives for the masses and to be aware of public backlash.