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Petrol Price Jumps To ₦‎350/ltr As Queues Return - Politics - Nairaland

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Hunger Protest: Fuel Queues Return Nationwide After Marketers Halted Supply / Petrol: Marketers Fault Subsidy Removal Process As Queues Return / Fuel Queues Return To Abuja, Others As Supply Dips (2) (3) (4)

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Petrol Price Jumps To ₦‎350/ltr As Queues Return by 2mercy: 1:32am On May 30, 2023
•Depot owners shut down operations

•Transporters hike fares, commuters grumble

•Stakeholders support subsidy removal


By Udeme Akpan, Obas Esiedesa, Olasunkanmi Akoni, Ediri Ejoh & Mariam Eko


The downstream end of the Nigerian petroleum industry has gone into a frenzy as operators respond to the immediate removal of subsidy on petrol with a sharp hike in pump price just as consumers crowded to the petrol stations.

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

On his inaugural speech yesterday, the new president, Bola Tinubu, had stated that “petroleum subsidy is gone”.

Checks by Vanguard in Lagos showed that some marketers responded by increasing their prices by about 100 percent to N370 from N185 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 some of the petrol stations operators simply shut their filling stations, thus leading to the emergence of long queues.

This is even as depot owners shut their operations, arguing that further clarification was needed to guide activities on the implementation of the new order.

In Abuja, long queues re-emerged at petrol stations as motorists reacted to the removal of subsidy on petrol.


Transporters hike fares

Meanwhile, commuters were seen stranded at various bus stops waiting to board commercial bus which may have been trapped in the frenzy that greeted the petrol subsidy removal.

Few of the buses that were on the road for business hiked the fares between 50 and 100 per cent over fear of impending scarcity.
One of the motorists, wearing a long face, who spoke with this reporter at one of the fuel stations selling petrol, lamented, “Why would Tinubu start on this note to punish the already depressed, impoverished Nigerians inflicted by the out-gone administration of President Muhammadu Buhari.

“This is absolutely unfair to Nigerians. When I heard that Tinubu has directed the removal of oil subsidy, I had to rush down here to fill my tank and some jerry cans for my power generating set.”

Also, Mr John Akinloye, a motorist along the Agege area, said, “I was not surprised to see queues at the fuel stations after the announcement. I just pray this sad and unfortunate development will not last so as not to put suffering masses in another round of economic and mental torture.

“I have been at the fuel station for over an hour, and am yet to get to the fuel pump point. Even the fuel attendants are not willing to sell more than N3,000 per buyer. If you want to buy N4,000 they are refusing.”

At Conoil and Adova Petroleum stations located in Karu area of the nation’s capital, long queues were observed with stations selling at N195 per litre.

At petrol stations operated by independent marketers, pump price was hiked to between N315 and N370 per litre with the topmost price range recorded in other parts of the country outside Lagos and Abuja.

The situation, it was gathered might worsen in the coming days as workers and business owners return to work today after the holiday declared for the inauguration of the new president.

Meanwhile, most stakeholders who spoke to Vanguard on the development believed that the subsidy removal was a right step.


Fuel subsidy removal , long overdue — MD, 11 Plc

Immediate past chairman, Major Oil Marketers Association of Nigeria, MOMAN, who doubles as the Managing Director, 11PLC, Adetunji Oyebanji, said: “This is a welcome development. The country is bleeding every day and we are getting to a stage where if we are not careful all our revenue will be going into world-serving debt and going into the subsidy, which means we have no money left to do any other thing to pay salaries.

“The people kicking against this interest will end up suffering even more. The amount of money spent on this subsidy has been documented in so many different foray, different places, people have talked about it over the years and to make matters worse a lot of it is going towards subsiding other companies in Africa, hence it has to go.”

Oyebanji, who noted that the fuel subsidy removal was long overdue, said: “I have been an advocate of the removal of fuel subsidy because it is not benefiting the ordinary man but rather the elite who drive cars. So, I was pleased with the planned removal.”


We cannot borrow to pay fuel subsidy — EnergyHub

Similarly, the Lead Promoter, EnergyHub Nigeria, Prof. Felix Amieyeofori, said: “This is a welcome development for the oil and gas industry. We support it because it is only benefiting the elites. Government should direct the subsidy to other strategic economic programmes. We cannot borrow to pay subsidy.”


Fuel subsidy, cheap way of making money — OGSPAN

But National President, Oil and Gas Service Providers Association of Nigeria, Mazi Colman Obasi, who described fuel subsidy as a cheap way of making money, said: “We have heard that before. It is said that’s easier said than done. Anything that would remove cheap money can be resisted. Fuel subsidy is one of such cheap monies. I have read the speech it sounds nice. I cannot remember the last inaugural presidential speech that the promises and hopes were implemented the way it was spoken in the history of Nigeria. Let us wait and see.”

https://www.vanguardngr.com/2023/05/petrol-price-jumps-to-n350-ltr-as-queues-return/

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Re: Petrol Price Jumps To ₦‎350/ltr As Queues Return by a4cube: 2:07am On May 30, 2023
Also, Mr John Akinloye, a motorist along the Agege area, said, “I was not surprised to see queues at the fuel stations after the Why is Mr Akintoye lamenting and wailing at the same time. Thought lagos buy below market price without queue.

92 Likes 9 Shares

Re: Petrol Price Jumps To ₦‎350/ltr As Queues Return by HacheNoire: 2:28am On May 30, 2023
It’s a sacrifice we must all make. No going back!

The amount that has been siphoned through that program is enormous.

What should be on the table is the how funds will be channeled into programs and infrastructures that will cushion effect.

45 Likes 7 Shares

Re: Petrol Price Jumps To ₦‎350/ltr As Queues Return by Helpfromabove1(m): 2:39am On May 30, 2023
Panic buying

Wahala from day one

21 Likes 1 Share

Re: Petrol Price Jumps To ₦‎350/ltr As Queues Return by Tpave(m): 2:52am On May 30, 2023
We're also contributing to the problems. This too shall pass

7 Likes

Re: Petrol Price Jumps To ₦‎350/ltr As Queues Return by Zionmdde: 2:54am On May 30, 2023
Tpave:
We're also contributing to the problems. This too shall pass
And how many times has this kind of thing passed?


Subsidy removal without dangote refinery or any national refinery producing is disastrous

Anyway I heard that apc supporters will still be buying at 189. Just come with ur brooms.

191 Likes 20 Shares

Re: Petrol Price Jumps To ₦‎350/ltr As Queues Return by eliyke(m): 3:11am On May 30, 2023
Refinery wey Neva ready wey buhari run go commission,my brother wey dey wrk Dere say e no sure say dat thing go even wrk dis year, fertilizer own sef wey Dem don commission since we never hear anything since then

131 Likes 12 Shares

Re: Petrol Price Jumps To ₦‎350/ltr As Queues Return by jogsman01(m): 3:23am On May 30, 2023
I hope we won't hear they're still paying the subsidy in 6 months time

72 Likes 2 Shares

Re: Petrol Price Jumps To ₦‎350/ltr As Queues Return by XY23: 3:30am On May 30, 2023
HacheNoire:
It’s a sacrifice we must all make. No going back!

The amount that has been siphoned through that program is enormous.

What should be on the table is the how funds will be channeled into programs and infrastructures that will cushion effect.


Which funds? You're still in denial of the kind of government you have now. Wait till they settle down. Meanwhile, Nigerians will continue to bear the brunt of PBT's kneejerk announcement.

49 Likes 4 Shares

Re: Petrol Price Jumps To ₦‎350/ltr As Queues Return by LikeAking: 3:41am On May 30, 2023
No be you vote for am?

20 Likes 4 Shares

Re: Petrol Price Jumps To ₦‎350/ltr As Queues Return by LikeAking: 3:47am On May 30, 2023
HacheNoire:
It’s a sacrifice we must all make. No going back!

The amount that has been siphoned through that program is enormous.

What should be on the table is the how funds will be channeled into programs and infrastructures that will cushion effect.


Abeg talk with sense.

Refineries should be repaired and 100 working before fuel subsidy will be removed..

Secondly how will buy fuel at 350 help you?

It will make life miserable for you..

91 Likes 8 Shares

Re: Petrol Price Jumps To ₦‎350/ltr As Queues Return by LikeAking: 3:52am On May 30, 2023
BlackAdams007:
There's no sense in removing fuel subsidy, it can't help i thought he would be wise but it's obvious.

Their is sense, because Nigeria as an oil producing country is not supposed to have a fuel subsidy in the first place. Even if their is subsidy it should be very little.

BAT should have ensured the refinaries are 100% working before removing the fuel subsidy.

This one go create hardship of hardship.

25 Likes 4 Shares

Re: Petrol Price Jumps To ₦‎350/ltr As Queues Return by michlins(m): 4:10am On May 30, 2023
HacheNoire:
It’s a sacrifice we must all make. No going back!

The amount that has been siphoned through that program is enormous.

What should be on the table is the how funds will be channeled into programs and infrastructures that will cushion effect.

say that subsidy is gone, what are the guarantee that the savings from it won't be siphoned again?


The government is making the masses pay for her deliquesces and kleptomania acts

56 Likes 4 Shares

Re: Petrol Price Jumps To ₦‎350/ltr As Queues Return by HacheNoire: 4:14am On May 30, 2023
LikeAking:


Abeg talk with sense.

Refineries should be repaired and 100 working before fuel subsidy will be removed..

Secondly how will buy fuel at 350 help you?

It will make life miserable for you..



Even if all refinery’s are repaired, fuel will still be selling at close to international market prices. It won’t reduce price to current selling rate.

Subsidy has been doing all that and it’s time to let go.

9 Likes

Re: Petrol Price Jumps To ₦‎350/ltr As Queues Return by Mattswaggz: 4:19am On May 30, 2023
Abeg ooo.... make them calm down small. embarassed

2 Likes 1 Share

Re: Petrol Price Jumps To ₦‎350/ltr As Queues Return by Psady(m): 4:22am On May 30, 2023
Any policy meant for the good of the masses is a welcome idea, if we like let's keep suffering ourselves by inflating the prices of goods and commodities for our selfish interest.This new government is here to work,before a new elected official will implement a policy on assumption of office,it's crystal clear he has a clear study of the good impacts on the nation.lets not be confused by these naysayers,they will keep painting it so bad to undermean this new government but we know their plan, their wailing has only been geared up .
President Tinubu is here to serve us all,and we will see the good results in no later .

15 Likes 2 Shares

Re: Petrol Price Jumps To ₦‎350/ltr As Queues Return by LikeAking: 4:27am On May 30, 2023
HacheNoire:



Even if all refinery are repaired, fuel will still be selling at close to international market prices. It won’t reduce price to current selling rate.

Subsidy has been doing all that and it’s time to let go.

It doesn't work that way...

Check other oil producing countries fuel prices, it's very cheap..

Very, very cheap..

Oil producing countries have cheaper prices for their citizens.

No allow sentiment here, it involves your own future.

46 Likes 4 Shares

Re: Petrol Price Jumps To ₦‎350/ltr As Queues Return by LikeAking: 4:28am On May 30, 2023
Psady:
Any policy meant for the good of the masses is a welcome idea, if we like let's keep suffering ourselves by inflating the prices of goods and commodities for our selfish interest.This new government is here to work,before a new elected official will implement a policy on assumption of office,it's crystal clear he has a clear study of the good impacts on the nation.lets not be confused by these naysayers,they will keep painting it so bad to undermean this new government but we know their plan, their wailing has only been geared up .
President Tinubu is here to serve us all,and we will see the good results in no later .

Dey play..

Most of you have kids and you reason like this?

Do you even love your children?

41 Likes 4 Shares

Re: Petrol Price Jumps To ₦‎350/ltr As Queues Return by HacheNoire: 4:47am On May 30, 2023
LikeAking:


It doesn't work that way...

Check other oil producing countries fuel prices, it's very cheap..

Very, very cheap..

Oil producing countries have cheaper prices for their citizens.

No allow sentiment here, it involves your own future.


Price per liter in Saudi Arabia is $0.62/liter. Are we paying that much in Nigeria? That’s what subsidy has been cushioning.

It’s time we step up!

8 Likes 1 Share

Re: Petrol Price Jumps To ₦‎350/ltr As Queues Return by LikeAking: 4:58am On May 30, 2023
HacheNoire:


Price per liter in Saudi Arabia is $0.62/liter. Are we paying that much in Nigeria? That’s what subsidy has been cushioning.

It’s time we step up!

Funny man.

Dollar value in Saudi and Nigeria is not the same.

Guy let's be critical white government polices..

Don't let these old men device you.

62 Likes 7 Shares

Re: Petrol Price Jumps To ₦‎350/ltr As Queues Return by GoodofNaija: 5:01am On May 30, 2023
HacheNoire:


Price per liter in Saudi Arabia is $0.62/liter. Are we paying that much in Nigeria? That’s what subsidy has been cushioning.

It’s time we step up!

Is your living standard and minimum wage same as Saudi Arabia!

Try dey use your sense!

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Re: Petrol Price Jumps To ₦‎350/ltr As Queues Return by HacheNoire: 5:12am On May 30, 2023
GoodofNaija:


Is your living standard and minimum wage same as Saudi Arabia!

Try dey use your sense!

I thought you said fuel was cheaper in oil producing countries and I gave you an instance?

What point are you proving now? When boxed to the wall, you result to insult.


Hello, Nigerians are underpaying for fuel as a result of subsidy which must stop!

15 Likes 1 Share

Re: Petrol Price Jumps To ₦‎350/ltr As Queues Return by HacheNoire: 5:14am On May 30, 2023
LikeAking:


Funny man.

Dollar value in Saudi and Nigeria is not the same.

Guy let's be critical white government polices..

Don't let these old men device you.





The USD is world exchange currency and my calculations are valid. Saudi trades with the USD.

11 Likes 1 Share

Re: Petrol Price Jumps To ₦‎350/ltr As Queues Return by LikeAking: 5:16am On May 30, 2023
HacheNoire:



The USD is world exchange currency and my calculations are valid. Saudi trades with the USD.

Stop saying this, pls..

USD ex in Kenya is diff from Naija..

22 Likes 2 Shares

Re: Petrol Price Jumps To ₦‎350/ltr As Queues Return by HacheNoire: 5:19am On May 30, 2023
LikeAking:


Stop saying this, pls..

USD ex in Kenya is diff from Naija..


Definitely! But USD rate reflects its price compared to other nations. Oil prices and production follow international market trends.

6 Likes

Re: Petrol Price Jumps To ₦‎350/ltr As Queues Return by GoodofNaija: 5:30am On May 30, 2023
HacheNoire:


I thought you said fuel was cheaper in oil producing countries and I gave you an instance?

What point are you proving now? When boxed to the wall, you result to insult.


Hello, Nigerians are underpaying for fuel as a result of subsidy which must stop!

That is why it was wrong to come on first day to say i remove fuel subsidy without looking at the multiple consequences. Thats y a wise person up there is saying he should get his team to assess the situation before just talking like it as simple as ABC.

Anyway he knows he got zombies like you on his side! I will be waiting for your stories after 4 years. grin

41 Likes 3 Shares

Re: Petrol Price Jumps To ₦‎350/ltr As Queues Return by tuoyoojo(m): 6:18am On May 30, 2023
When the price of fuel went down to 125 during the covid era, marketers were reluctant to reduce the price saying that they have not sold their old stock

With announcement yesterday, many of the retailers have increased the old stock they bought and selling it at the new price

Nigeria deserves the leaders they get

Those people selling at the increased price, would they not go market to buy food or to the hospital to get drugs

A station in abuja hoisted a big banner with fuel price at 670

Would they not still suffer the brunt of inflation

Kai, this country

As long as illegality favours them, they are very okay

We are all in this together.

We all must have renewed hope o

21 Likes 1 Share

Re: Petrol Price Jumps To ₦‎350/ltr As Queues Return by GoodofNaija: 6:38am On May 30, 2023
2mercy:
•Depot owners shut down operations

•Transporters hike fares, commuters grumble

•Stakeholders support subsidy removal





https://www.vanguardngr.com/2023/05/petrol-price-jumps-to-n350-ltr-as-queues-return/


Nlfpmod
grin the breakfast is fresh!

2 Likes

Re: Petrol Price Jumps To ₦‎350/ltr As Queues Return by tsdarkside(m): 6:40am On May 30, 2023
eliyke:
Refinery wey Neva ready wey buhari run go commission,my brother wey dey wrk Dere say,e no sure say dat thing go even wrk dis year

i was thinkin too that they were in a hurry to commission it....

it can take a while before it even starts givin out refined petrol sef....

2 Likes

Re: Petrol Price Jumps To ₦‎350/ltr As Queues Return by GoodofNaija: 6:40am On May 30, 2023
grin...Fresh breakfast.....many more blunders to come

13 Likes 1 Share

Re: Petrol Price Jumps To ₦‎350/ltr As Queues Return by tsdarkside(m): 6:42am On May 30, 2023
HacheNoire:



Even if all refinery’s are repaired, fuel will still be selling at close to international market prices. It won’t reduce price to current selling rate.

Subsidy has been doing all that and it’s time to let go.

nigerias daily fuel consumption is hugh....

1 Like 1 Share

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