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As fuel subsidies come to an end, Nigeria is grappling with fuel shortages. Winding queues are common in petrol filling stations across the country, particularly in major cities.
As fuel subsidies come to an end, Nigeria is grappling with fuel shortages. Winding queues are common in petrol filling stations across the country, particularly in major cities. Most filling stations were closed yesterday. Those stations opened were selling fuel at a higher price. There are reports of panic buying also, where unconfirmed reports indicated that prices were as high as 200% than the normal price.
Some of the private buses, which the commuters mostly depend on were off the road because of fuel shortages, leading to traffic disruptions. Lagos, the commercial capital of the country, was the most affected. State oil companies insist on sufficient storage of petrol and told the people not to panic. But the ground-level situation is different.
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In his inaugural speech, as reported by www.trendsnafrica.com, president Tinubu explained that the fuel subsidy was scrapped. He said that the system predominantly benefited the wealthy and had become increasingly costly to maintain. However, fuel marketing associations have condemned his assertions. They wanted a dialogue with stakeholders before taking such a serious step.
