The downstream sector of the Nigerian petroleum industry has gone into a frenzy as operators respond to the immediate removal of petrol subsidy with a quick hike in the pump price, leaving consumers crowding petrol stations across the country.
Commercial transporters have also increased their fares in response to the new development.
During his inaugural speech yesterday, May 29, the new president, Bola Ahmed Tinubu, declared that “petroleum subsidy is gone”.
A survey done by Politics Nigeria in Lagos indicated that most marketers have also responded by increasing their prices by about 100 percent to N370 from the initial N195 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 many petrol station operators outrightly shut their filling stations, which has caused long queues for the few stations selling.
Meanwhile, commuters were seen across Lagos stranded at various bus stops waiting to board commercial buses, which might have been trapped in the frenzy that greeted the petrol subsidy removal.
Few of the buses that were functioning for business hiked their fares between 50 and 100 per the cent over the fear of impending scarcity.
