LESS than two hours after the inauguration of President Bola Tinubu, queues for Premium Motor Spirit (PMS), popularly called petrol, resurfaced in major fuel stations across the country.
Tinubu, in his inaugural speech, had reiterated that petrol subsidy is gone.
The president said: “We commend the decision of the outgoing administration in phasing out the petrol subsidy regime which has increasingly favoured the rich more than the poor. Subsidy can no longer justify its ever-increasing costs in the wake of drying resources.
“We shall instead re-channel the funds into better investment in public infrastructure, education, health care and jobs that will materially improve the lives of millions.”
Following the development, there were queues in fuel stations across the country as monitored by the Nigerian Tribune.
In Lagos, from Total to Mobil and Conoil fuel stations around Ojota and on Lagos-Ibadan Expressway, motorists were seen on queues, struggling to buy petrol.
As of the time of filing the report, few petrol stations were already shutting down.
Queues also resurfaced in Akure, Ondo State capital, with most filling stations crowded with motorists seeking to buy fuel.
Most of the fuel stations were under lock and key while the few dispensing the product had a long queue of cars.
The development caused gridlock with most of the fuel stations selling petrol for between N200 and N250.
In Osogbo, Osun State, almost all the fuel stations had queues of cars on Monday evening.
Some of the stations visited had even closed to business as early as 4.00 p.m. while the few ones dispensing the product had a long queue of vehicles, motorcycles and Jerry cans.
A fuel station around Odi-Olowo area of the town had its gate locked, while entrances of other adjoining ones in the vicinity were also locked by the operators.
As a result of the development, prices of petrol at the stations dispensing the product varied between N220 and N250.
In Abeokuta, the Ogun State capital, many fuel stations were not selling petrol prior to the presidential speech.
The few ones dispensing the product were selling far above N200 per litre.
The development did not, however, affect intra-transport fare within the state capital, while only few vehicles were plying the roads.
Nigerian Tribune further learnt that it was the same situation in some parts of the state, especially Sagamu, Ijebu-Ode and Ilaro areas of the state.
In Benin City, Edo State capital, there was panic buying of petrol on Monday as motorists besieged the NNPC mega station on Sapele Road.
Nigerian Tribune went round the city and observed gridlock in virtually all the major roads where fuel stations are located.
Most fuel stations which opened earlier in the day before the president’s speech were locked up almost immediately after he alluded to the removal of fuel subsidy.
At the NNPC mega station, the few vehicles that had queued to buy the product soon grew to a long stretch, from Sapele Road to High Court Road, with many motorists stating that they did not know what would happen now that the subsidy had been removed.
The mega station sold the product at N187, while others who also had considerable vehicles on the queue sold for between N210 and N220.
In Dutse, Jigawa State, independent marketers increased the pump price of petrol by between N10 and N20 per litre.
Reports indicated that the commodity was available in all the fuel stations in all parts of the state.
At the weekend, the product was sold for between N210 and N220 per litre, but as of Monday evening, the product was being sold at the cost of N240 per litre in Dutse.
Sokoto residents also witnessed the return of long queues in some of the fuel stations in the state.
Nigerian Tribune, monitoring the development, noted that apart from NNPC mega stations in the state, none of the major markers in the state dispensed fuel.
Some of the independent marketers were, however, selling a litre of the product in the state for between N240 and N260 per litre.
Motorists resulted to panic buying as long queue resurfaced at some fuel stations in Ibadan and its environs.
Barely a few hours after the pronouncement by President Tinubu, some of the fuel stations within the metropolis were found under lock and key, with an endless queue at a few others that were attending to motorists.
A survey conducted at Ibadan South West, South East, Egbeda, Ibadan North East and Ona Ara local government areas of the state showed that over 56 percent of the fuel stations on the axes stopped attending to motorists.
A few seen attending to motorists as of the time of filing the reports were selling at between N189 and N220 per litre.
Members of the Independent Market Association of Nigeria, (IPMAN) are anticipating likely increment in the prices of the petroleum products.
In order to maximise their gains, majority of them have decided to hoard the products, thereby subjecting commuters and motorists to an untold hardship.
Fuel situation in Ilorin, the Kwara State capital, was, however, normal on Monday as most fuel stations that had the petroleum product dispensed the commodity to buyers.
Many private vehicle owners and transporters spoken with on the development said situation had not called for alarm, adding that public and popular private fuel stations were still dispensing fuel to buyers at regulated price.
It was also gathered that by today, the true picture would unfold as most of the motorists were indoors due to the May 29 holiday.
In Abuja, a survey of fuel stations revealed that some were not selling because they were out of product.
In Garki, Area 11, a fuel station near Force Headquarters, was dispensing normally at the official rate.
Also in Lugbe area, car owners had no difficult fueling their vehicles normally with no signs of fuel queues.
Stakeholders have, however, expressed diverse views over President Tinubu’s pronouncement on removal of petrol subsidy in his inaugural speech on Monday.
Speaking with the Nigerian Tribune on the development, the National Public Relations Officer of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Mr Chinedu Ukadike, said the announcement was sudden, adding that the development could lead to profiteering.
He said: “I also believe that the new government should have conducted an investigation to be able to know if Nigeria is actually subsidising products or not because this announcement is abrupt and triggers profiteering.
“If you are not sure of where you are buying your next petroleum product and the rate it will be supplied to you, you will be very economical to be able to dispense.”
He noted that although subsidy removal is imminent, the process to achieving this should also be considered.
“We know that subsidy is imminent but the process should also be considered, knowing clearly that Nigeria is dependent on petrol importation and domestic goods and services are triggered by petroleum products.
“So that announcement on the removal of fuel subsidy by Mr President is sudden. We at IPMAN believe that in line with our discussion with him, he would have looked at the system and be able to engage stakeholders and address the system once and for all.”
He added that, “We all agreed that before removal of subsidy, the about three or four refineries in the country should be efficient and working. Dangote refinery should have come upstream the modular refineries must also be encouraged to be able to cushion the heavy dependence of Nigeria on importing fuel from foreign countries.”
On his part, Professor Adeola Adenikinju, Director, Centre for Petroleum, Energy Economics and Law, said there is no better time to make such pronouncement.
According to him, this was one of the campaign promises of other presidential candidates at the elections.
“If he doesn’t do this now, then that is the end. We can’t continue the way it is. We have come to an exponential point where we don’t have a choice.
“In the last election all the leaders, both [Peter] Obi, and Atiku [Abubakar] all said they will remove subsidy because that is the best thing to do.
“NNPCL in the last two years has not remitted a dime to the national treasury and we are spending our little foreign exchange to import fuel.
“The country is bleeding, that is why this subsidy has to go. Though it will be hard but we have gotten to a level where we just have to survive,” he added.
Reacting to the sudden of fuel queues in Lagos, Operations Controller of IPMAN, Mr Mike Osatuyi, said it was normal, adding that people would want to take advantage of the old petrol price to fill their tanks.
He maintained that the fuel queues were triggered by panic buying.
On the part of oil marketers/owners of fuel stations, Osatuyi said they would also like to take advantage of the situation and sell the product at higher price.
Efforts to speak with the Lagos State chairman of the Nigerian Union of Petroleum and Natural Gas Workers (NUPENG), Mr Tayo Aboyeji, were unsuccessful.
YOU SHOULD NOT MISS THESE HEADLINES FROM NIGERIAN TRIBUNE
Akinwumi Ambode resurfaces
Not many can boast of running into Lagos politician, Akinwumi Ambode, at any social gathering after the completion of his term as the Governor of…
My wife is too beautiful, I want divorce, man tells court
In a surprising twist, a man has brought his marital woes to a local court in Lusaka, Zambia, stating that he no longer desires his wife, Hilda Mleya, due to…
VIDEO: Why I rejected N5m to perform at Tinubu’s inauguration concert — Portable
Fast-rising singer, Habeeb Okikiola, better known as Portable, on Friday, lamented that organisers of the…
OFFCUT: ‘We can manage 70k successfully as family of four,’ Nigerians reveal
Nigerians have revealed how a family of four can spend the sum of seventy thousand naira judiciously as…
You’re not my president, Pastor Bakare tells Tinubu
Ahead of the May 29 inauguration, Pastor Tunde Bakare, the Serving Overseer of the…
Messi breaks Ronaldo’s record for most goals in Europe’s Top 5 leagues
Lionel Messi has broken the record for the most goals scored in Europe’s top five leagues, surpassing Cristiano Ronaldo, during…
