In a surprising response to the government’s decision to lift fuel subsidies, fuel marketers and operators wasted no time in raising petrol prices across the country. Following President Bola Ahmed Tinubu’s announcement that fuel subsidies would no longer be included in the budget, petrol prices skyrocketed to a range of N210 to N500 per litre.
The impact of this policy change was immediately felt as long queues began to form at petrol stations. Residents rushed to purchase fuel at the inflated price of N210 per litre, compared to the previous rate of N195 per litre. However, a few filling stations in Kubwa expressway and Lugbe still maintained the old price of N195 per litre.
Meanwhile, in Lagos, the increase in fuel pump prices was staggering, reaching nearly 100 per cent. Lagosian now had to pay N370 per litre and in some other places, some had to pay 600 per litre, this is a significant jump from the previous rate of N180 per litre.
The situation was even worse in Warri, Delta state, where the pump price soared to an astonishing N500 per litre. This exorbitant increase put additional strain on the already burdened consumers.
Niger State also experienced a surge in fuel pump prices, ranging from N210 to N300 per litre.
These rapid and substantial price adjustments occurred within a mere six hours of President Tinubu’s inaugural speech at Eagle Square, Abuja, where he announced the removal of fuel subsidies.