News Central TV can confirm that the cost of fuel has jumped to approximately N617 per litre in several parts of Nigeria.
This is largely related to recent predictions by oil marketers that the price of fuel will soon reach N700 per litre.
Once independent marketers begin importing the products in July, some oil marketers anticipated that fuel prices might rise above N700 per litre in the northern area and to roughly N600 in Lagos.
Their forecasts were based on the high exchange rate, the cost of fuel, and the landing fee at the time.
As lines of motorists formed at certain gas stations in the Federal Capital Territory (FCT) and other parts of the country, the pattern led to anxiety and panic buying.
However, attempts to raise the price of fuel to N700 per litre were rejected by the Independent Petroleum Marketers Association of Nigeria (IPMAN) and the Association of Distributors and Transporters of Petroleum Products (ADITOP).
Recall that in May a day after President Tinubu was sworn into Power the Nation’s Apex Petrol station increased the fuel price from N195 per litre to 537 per litre.
The development was occasioned by Tinubu’s inaugural speech, where he said fuel subsidies would be removed.
Nigeria spent N3.6 trillion on fuel subsidies alone in the first half of 2023. The Federal Government estimates that stopping the payment of fuel subsidies will result in savings for the nation of almost N6.7 trillion.
The Nigeria Extractive Industries Transparency Initiative estimates that during the past 13 years, Nigeria has spent N13.7 trillion on fuel subsidies.
Nigerians have taken to social media to vent their frustrations at the recent development.
@Tutsy22 on Twitter said “At 50 days of APC government:
*Fuel at N617 per litre,
*$1 to N830,
*N70Bn allocated to NASS to buy new exotic cars.
Election has consequences.”
A Twitter user with the handle @I_am_ilemona said: “I literally bought fuel at N617 this morning. I have to power a gen with fuel bought at that price. If you come to me with explanations around this subsidy removal mishap, I’ll speak to you with a vex valued at N617 per litre of vex. Be warned.”
Another Twitter user @Oluomoofderby said: “Nigerians are patient in suffering.
N617 per litre, we’re normal
Police brutality, we’re normal
Insecurity, we’re normal
Corruption, we’re normal
N30k minimum wage, we’re normal.
Citizens in other countries won’t accept 10% of what is normal in our country.”
Below are reactions from other Twitter users: