Fuel queues which resurfaced across the country on Monday grew longer yesterday, as panic buying by motorists and hoarding by marketers shot the price of petrol as high as N600 per litre.
The development followed apprehension created by the removal of subsidy as announced by President Bola Ahmed Tinubu.
Tinubu had shortly after his inauguration as the 16th president and commander-in-chief of the Armed Forces of the Federal Republic of Nigeria on Monday, announced that subsidy on petroleum products was gone for good.
“Subsidy is gone. we shall instead re-channel the funds into better investment in public infrastructure, education, healthcare and jobs that will materially improve the lives of millions,” Tinubu stated after taking oath of office.
Reports gathered that the queues started mounting immediately after the president’s pronouncement, with motorists scampering to buy the product in the Federal Capital Territory (FCT), Abuja.
As of Tuesday, while filling stations operated by major marketers and the Nigerian National Petroleum Company Limited (NNPCL) were selling between N194 and N195 per litre, other outlets operated by independent marketers dispensed the product as high as N600 per litre.
In Abuja, many motorists scrambled to get petroleum products.
A visit to the city centre and satellite towns showed long queues in many filling stations as motorists were seen making frantic efforts to buy the fuel in anticipation of the price increase that may follow the announcement.
