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Fuel and Transport Prices Soar on President Tinubu’s First Day of Hitting the Ground Running

In a moment of eloquence, President Tinubu took the stage at Eagle Square, addressing the nation with a statement that would have far-reaching consequences: “On fuel subsidy, unfortunately, the budget before I assumed office is that no provision is there for fuel subsidy. So fuel subsidy is gone.” Almost immediately, the familiar sight of fuel queues reappeared across the nation, accompanied by a rapid surge in prices.….CONTINUE READING

According to the National Bureau of Statistics, the average price of petrol stood at N254.06 per litre in April 2022. However, following the president’s recent speech, prices skyrocketed to as high as N500 per litre, fueling speculations of an even steeper climb to N750 in the near future. The question now arises: what can Nigerians expect?

Presently, fuel queues have become a common sight across the country, with numerous fuel stations unable to meet the demand. The elimination of fuel subsidies has also triggered a surge in transportation costs. Concerns are growing that this price hike could extend to food and commodity prices, impacting the everyday lives of Nigerian citizens.

In the midst of this fresh fuel scarcity crisis, Governor Ademola Adeleke of Osun State has issued a stern warning to filling stations engaging in hoarding practices, specifically targeting Premium Motor Spirit (PMS), commonly known as petrol.

“Any fuel station found guilty of hoarding fuel to create artificial scarcity shall be sealed off, and operators prosecuted for the crime of economic sabotage,” emphasized the governor’s spokesperson, Olawale Rasheed, in a statement released on Tuesday.

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Similarly, the Edo State Government has taken a firm stance against petrol dealers involved in hoarding petroleum products in an attempt to drive up prices artificially. Osaigbovo Iyoha, Chief of Staff to Governor Godwin Obaseki, warned that any petrol station caught hoarding products would face the revocation of its property rights.

“The Edo State Government is deeply concerned about the unscrupulous attempts by petrol dealers in the state to hoard fuel and create artificial scarcity and price hikes,” stated the government in an official statement. “As a responsible government committed to the welfare of our citizens, we will employ all legal means to resist this economic sabotage.”

The statement further mandated all petrol stations to immediately resume the sale of products to the people of Edo State or face immediate closure and the potential loss of property rights, thereby enabling other legitimate and respectful businesses to thrive in the state.

Highlighting the government’s determination to protect its citizens from extortion, the statement concluded with a cautionary message: “A word is enough for the wise.”

President Tinubu had promised a fast-paced start to his administration stating “We will hit the ground running” after being declared the winner of the 2023 elections. It seems that this surge in fuel prices and subsequent scarcity may be the initial storm before a period of relative calm.

As Nigerians grapple with the consequences of these developments, social media platforms, particularly Twitter, have become a hub of discussions and reactions to the soaring prices. Users express their concerns, frustrations, and hopes for a resolution to this pressing issue.

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Here are some reactions.

Yaba to Obalende
Bolt: 8650
Lag ride: 5700 cos of fuel subsidy??

I’d rather use my money to buy rice with eja kika & one Bigi water
— BIG AYO🔰 (@47kasz) May 30, 2023

From my house to the office is usually 1k max for Bolt.
Just checked and its now 3500.
For a traffic free 15 min drive.
— Ben Adaephon Delat (@Immortal_Teddy) May 30, 2023

Agege to Ikeja #300, but APC members are paying #50 with their membership card. Not fair!
— Uncle Ruckus, No relation. (@pappiwata) May 30, 2023

Nigerians are just so lazy and irresponsibIe. They remove fuel subsidy and you guys are crying, so much for citizens that don’t pay tax
— BGM🍫✨ (@Literallyrae_) May 30, 2023

Removing fuel subsidy was not the problem.. the only issue now is can BAT create an alternative

If he doesn’t & he remove it to form Jagaban then this is a bad start to plenty calamities
— BIG AYO🔰 (@47kasz) May 30, 2023

The question with this fuel subsidy removal is would the billions be going into the country or into their pockets?
— Snr🧸🇳🇬 (@iamvinicius_snr) May 30, 2023

We’ll complain and adjust as usual.

Increase in transportation fare, increase in food prices, and other ripple effects… we’ll be fine, as always.
— Mr Anu (@Anu_official) May 30, 2023

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P.s. Your salary won’t increase with this fuel subsidy removal
The prices of food and services are going to shoot up once again
Be ready
— Chike (@Paschal__) May 29, 2023

I went to this NNPC filling station in Ondo area to buy fuel. Omo, the queue was much. So I just shouted “Yoruba ronu.” but the attendant is just looking at me like a madman.

I think she doesn’t understand Yoruba. Let me try another station.
— Harmless (@Harmless12345) May 29, 2023

Peter Obi would have removed subsidy and cut the cost of governance amongst others. All that fat budget for Aso Rock and First Ladies would have been slashed!
No doubt fuel subsidy removal is long overdue, but what plans have you made to cushion the effect on the masses?
— Soft Life Baby (@MsVotie) May 30, 2023

It is very unfortunate for any petrol filling station owner to create more sufferings for Nigerians simply because the new government pronounced ‘fuel subsidy is gone’. They are part of the enemies of Nigeria.
— PÉTÉRÙ OF ÌBÀDÀN 💜💡 (@peter_pentane) May 30, 2023

All these fuel queues causing all the traffic this morning could have been easily avoided if the idiot we have as President had said something like:

“There will be a systematic removal of the fuel subsidy that would be properly communicated to Nigerians very soon.”.….CONTINUE READING

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