Subsidy: Fuel Price Increase Return

By Sola Omoniyi, Lagos

Barely 24 hours after the new administration of President Bola Ahmed Tinubu, Nigerians have started feeling the pains they have passed through before as pump price increases in all petroleum stations.

During the first speech of the newly elected president, he stated that he was going to remove the subsidy.

The petroleum industry waste no time as the operators respond immediately to the removal of the subsidy which resulted in the hike in pump price.

At the moment, commercial drivers have also hiked their fares across the nation in rebounding to the latest development.

Recall that the newly elected president stated and quoted “Petroleum subsidy is gone”.

Presently, many fuel stations are now selling at the rate of N220-N350. A check from the East shows a pump price of N750.

Many fuel station however closed their operations, which further increased the pains of Nigerians just a few hours after welcoming the new Government.

Mr Adetunji Oyebanji, the Major Oil Marketers Association’s past chairman stated that the fuel subsidy removal is long overdue, and called the development a welcome one, adding that the country is bleeding.

He asserted that those that go against the interest will end up suffering even more.