The moment he made that speech about the removal of fuel subsidy, without first putting measures in place to address potential fallouts, petroleum product distributors hiked their prices. Some closed their stations while insisting they don’t have products to sell – potentially waiting so they can sell at a much higher price.
The queues have returned to filling stations across Nigeria and cabbies have increased their fares as well. A new round of inflation is here, as the increase in the price of petrol will affect other industries as well, including food.
At the moment, there is reportedly a great variance in the price of petrol following the removal of subsidy. At the end of the day, following the removal of subsidy, analysts posit that petrol will likely sell for between N478 and N600 per litre. The pump price will vary based on location, station, and other factors.
While the conversation about subsidy removal has been around for decades, no one expected it to be announced or implemented so so and with no measures in place to cushion its impact on ordinary people.