"Whatever this is, we pray it brings favor and greatness to us" These have been the words of every regular Nigerian since the swearing-in ceremony of the new president of Nigeria, H.E. Asiwaju Bola Ahmed Tinubu.

While the new president and vice president were happy about this new phase, the president used his inaugural address to make a major policy announcement to ease pressure on government finances.

Bola Tinubu declared that the decades-long subsidy on petroleum products was being scrapped.

He said, "Fuel subsidy is gone."

It is not clear what the new policy will bring in, but ending the subsidy has led to a rise in the price of petrol and could have a knock-on effect on other prices.

Despite its oil wealth, Nigeria is unable to refine enough crude to meet local demands, so it imports petroleum products, which are then sold at a government-set price.

However, the subsidy is a huge drain on public finances. Last year it gulped 4.3trn naira ($9.3bn; £7.5bn), and for the first half of this year, 3.36trn naira was budgeted for it.

The new president announced that the subsidy could no longer be justified and that the funds would instead be spent on public infrastructure and to improve the lives of people.

While this sounds like a good idea for Nigeria's economy, Following the president's announcement, some filling stations have hiked the pump price of their petroleum products.

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With this new development, will the removal of the Fuel Subsidy remove the monopoly by Dangote?