Some major marketers of petroleum products in the country, including the NNPC have increased fuel price from the official pump price of N539 to N617 per litre.
The recent development commenced on Tuesday, July 18, and there has been heavy inflow of motorists trooping to fuel stations to buy the products as it has been predicted to climb to N700 per litre.
It’s yet unclear why the official pump price suddenly increased but there are speculations that it could be connected to the recent projections by oil marketers that fuel price will hit N700 per litre soon, considering the current high exchange rate, crude price and landing cost.
This has caused tension across the country and consumers has resorted to panic buying as usual, long queues of vehicles have resurfaced in fuel stations as witnessed in some areas in lagos state and Abuja.
The Nigeria Midstream and Downstream Petroleum Regulatory Authority (NDMPRA) is yet to comment on the sudden pump price increase.
Recall, that during the inaugural speech on May 29, President Bola Ahmed Tinubu had announced the removal of fuel subsidy, which led to the increase in the price petrol ,from the official pump price of N195 to N540 per litre.
From then till date, Nigerians have been facing the aftermath and lamenting on how the subsidy removal has affected every aspect of the country’s economy.
Businesses are struggling to survive while the poor masses are going through untold hardship due to hike in prices of food, transportation and essential commodities.
Following this unfortunate effects and outcome of the fuel subsidy removal, the president Tinubu led administration has hence promised relief palliatives to remedy the situation.
President Bola Ahmed Tinubu, promised N8000 monthly for 12 million struggling Nigerian households for a period of six months.
While hosting the class of 1999 Governors, president Tinubu said;
“I understand that our people are suffering yet there can be no childbirth without pain. The joy of childbirth is the relief that comes after the pain. Nigeria is reborn already with fuel subsidy removal. It is a rebirth of the country for the largest number over a few smugglers. Please tell the people to be a little patient.”
“The palliative is coming. I don’t want cash-transfer to fall into wrong hands. I know it pinches and it is difficult. In the end, we will rejoice in the prosperity of our country.’’