Two days after President Bola Tinubu revealed in his inauguration speech that a subsidy on petroleum products would be removed, Nigeria’s state oil firm says it is increasing the price of petrol.
The new president stated that the subsidy was no longer necessary and that the government would use the money to improve public infrastructure and the quality of life for the general population.
The Nigerian National Petroleum Corporation (NNPC) issued a statement explaining the price change, saying, “It is pertinent to note that prices will continue to fluctuate to reflect market dynamics.” Petro costs 185 naira per litre at the moment (around $0.40 or £0.32).
The state regulator did not announce the new price or when it would take effect, but the NNPC verified a leaked list indicating the new price range will be between 488 and 550 naira per litre. Government gas stations in major cities like Lagos and the capital, Abuja, are reportedly charging 537 naira a litre.
People across the nation have been waiting in long queues at gas stations for the past two days out of worry that prices could rise.
This follows the newly inaugurated Nigerian President Bola Tinubu’s statement that the government would end its decades-long fuel subsidy. His administration afterwards issued a statement saying that this would not occur until the end of June and asked people to stop making rash purchases out of fear.
Prices for kerosene and diesel have not altered, but the ongoing uncertainty around them has led many to stock up in preparation for the worst.
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