As Tinubu announces fuel subsidy removal, price of petrol reportedly increases to 510 per litre

The new President Bola Tinubu had announced Monday at his inauguration a total removal of the country’s petrol subsidy.

President Tinubu’s announcement has triggered acute fuel hoarding as more filling stations were under lock and key, saying they had ran out of fuel.

But the few stations dispensing, especially the NNPC retail outlets, are being accused of hoarding fuel, refusing to sell to motorists who have been on the queue for hours.

The price of petrol increased from N220 to 510 per litre while diesel and kerosene prices jumped by 100 percent increase.

It was reported that NNPC stations in Ikeja, Alausa were crowded by motorists who rushed to buy the product.

Many private stations were not selling as of the time of filing this report.

Also in Abuja, queues are springing up across the capital city.

In his inauguration speech, Tinubu had said subsidy was benefitting the rich at the expense of poor.

“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,” he said.

He said he would also  review complaints on multiple taxation so as to boost the economy and attract investors.