As the scarcity of petrol, continued on Sunday, SUPERS.ng learnt that oil marketers have stated that the cost of the commodity would cross N800/litre once subsidy on PMS is removed.

Industry operators according to SUPERS.ng had repeatedly stated that the high cost of subsidy on petrol was a burden on the Nigerian National Petroleum Company Limited and was contributory to the prolonged crisis in the downstream oil sector. NNPC is the sole importer of petrol into Nigeria.

The Minister of Finance, Budget and National Planning, Zainab Ahmed, recently suggested that the government should gradually withdraw subsidy on PMS, stressing that the budgetary allocation for subsidy would end in June.

But oil marketers told our correspondent (SUPERS.ng) that while it could be advisable to remove subsidy, Nigerians should know that the cost of petrol could cross N800/litre once the commodity was no longer subsidised.

We are businessmen and every businessman wants to make a profit. You know the law of supply and demand. When the product is scarce, prices will rise, and vice versa., SUPERS.ng learnt.

He explained that the downstream sector was not structured for adequate competition, adding that this could also pose challenges when subsidy was eventually removed.

He said, “By the time you are removing subsidy, you should know that the market is not properly opened and there is no competition. They always tell you about Dangote Refinery. We must understand that Dangote is a privately owned company.

“The pipelines of that facility were not even designed to run in any Nigerian state, rather it was designed to run to neighbouring countries, and maybe that one in Lekki there, that is all.

This is in addition to the long queues of vehicles that often add to the woes of Nigerians due to the traffic they cause when they spill into main roads.

SUPERS.ng compile some comment from micro blogging site Twitter

According to one Instagram user, @paschal_dheyvid, who bought the commodity at N200 per litre, he had to pay N1, 000 to gain entrance into the filling station and still had to join a long queue.

The same situation was experienced by a Twitter user, @thatboyyouhate, who said, “I was at a filling station this morning and they had to take N1, 000 from me for my 25-litre keg.”

An Instagram user, @charlessoronnadimotors, said he bought the commodity at “N420 per litre here in Aboh Mbaise, Imo State.”

Twitter user, @supapraise, lamented the long hours he spent in the queue at a Nigerian National Petroleum Corporation filling station in Port Harcourt before he could buy the commodity.

He wrote, “I spent 11hrs (5am to join an already long queue. I left at 4pm) at the NNPC filling station in PH. I bought for N189. That morning, it was N179. They paused selling and adjusted the metre to the new price of N189. Paused selling again to maintain their generator since there was no NEPA electricity.”

Expressing anger at the APC which is seeking to remain in power in 2023, one @RexAgu1 said, “N360 per litre. APC has failed the unborn kids. They have removed subsidy without letting Nigerians know.”

On his part, one @King_Olivertwit sarcastically said, “APC supporters are buying it for N50/L while others are buying it for N350 to as much as N500 per litre.”

One Pascal Nwankwo, @pascalnwankwo7, blamed the situation on the APC, adding, “…and some misguided fellows are still campaigning for the APC.”

On Instagram, one @malaro44 laid curses on those still working to ensure that the APC retained the Presidency after the end of the regime of the President, Major General Muhammadu Buhari (retd.). He said, “People voting APC, may everything about APC never depart from your household… the suffering, the hardship, the kidnapping and insecurity.”

Efforts of SUPERS.ng to get the reaction of the National Publicity Secretary of the APC, Felix Morka, proved abortive as his phone number was busy and he didn’t respond to the text message sent to him by our correspondent.

https://supers.ng/marketers-said-petrol-may-hit-n800-litre-on-subsidy-removal/

The way things, especially fuel is increasing in our area☹️hmm.
May God have mercy upon us😥

Better than wasting our scarce resources on subsidies, will gladly buy at @1000 as long as subsidy go

Olowoeko11:
Better than wasting our scarce resources on subsidies, will gladly buy at @1000 as long as subsidy go

east to say when u stl eat mama thank ma.When u start paying ur bills we will know.

Fake news. Fake blog. Abeg shift.

Oil producing nation my foot.

Olowoeko11:
Better than wasting our scarce resources on subsidies, will gladly buy at @1000 as long as subsidy go

If there is no remedy that can assist in providing relief for Nigerians, after subsidy removal,trust me when I tell you that there will be pandemonium and anarchy will be inevitable!
You saying you will buy even at #1000 per litre is laughable...just try it for 1 week on top your ever depreciating salary or currency, then maybe reality will dawn on you!
Nah you go be first to carry placard with the inscription 'APC must go'

Let it reach 1000 Naira per litre.
All I know is that by February 25th, we will correct this mistake we made in 2015.


I'm Obident and Yusful

Those who are asking for subsidy to be removed do not know what they are asking for. Most companies have the advantage of doing businesses here in Nigeria despite its seeming disadvantages due to cheap energy. If you remove subsidy Nigeria has no advantage over Benin Republic and Ghana. Companies will leave in drooves. All Nigeria needs to do is to identify the subsidiaries leakages. How does Nigeria subsidized fuel get to Ghana and other neighboring countries? Who aids this? What is the quantity of fuel Nigerians consume daily? If you are able to answer this problem resolved.

Ah yes, I know why I support subsidy removal

For me it is simple...I pay N800 at the pump, or I pay N800 plus interest at World Bank HQ in New York, and at the People's Bank of China in Beijing.

Better pay N800 at the pump.

Uhnmmmm...

highchief1:
east to say when u stl eat mama thank ma.When u start paying ur bills we will know.

no be everybody they hungry like you

bentenny:

If there is no remedy that can assist in providing relief for Nigerians, after subsidy removal,trust me when I tell you that there will be pandemonium and anarchy will be inevitable!
You saying you will buy even at #1000 per litre is laughable...just try it for 1 week on top your ever depreciating salary or currency, then maybe reality will dawn on you!
Nah you go be first to carry placard with the inscription 'APC must go'

only stupid people will carry play card to protest just because government do the right thing. Wanting free and cheap things is what brought us here

Olowoeko11:
only stupid people will carry play card to protest just because government do the right thing. Wanting free and cheap things is what brought us here

The question that you should be asking is why was there subsidy of petroleum products in the first place?
The reason for any subsidy by any government is to reduce the impact the actual increment will cause on the people and the economy as long as there were plans to repair or build new refineries!
For over 7years,this clueless administration have been living under the illusion that there was no subsidy and made no plans to repair or build refineries until it was apparent to them that they could not continue selling a lie to Nigerians anymore!
After all the time wasting for years and the seemingly overinflated subsidy payments burning deep on our reserves,they finally began repairs on the Ph refinery on the middle of last year!
When a government fails to be proactive and sluggish,they turn around to blame the people!