Removal of subsidies: Petrol shortage intensifies; black market prices N800/litre

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Oil marketers closed their doors to vehicles after President Bola Ahmed Tinubu’s inaugural address on Monday, in response to his announcement that the regime of gasoline subsidies will stop.

According to Daily Sun’s inspections, several filling stations in Abuja and the surrounding areas had lengthy lines that snaked several meters long as drivers rushed to stockpile fuel since experts warned that the price of gasoline might rise to N700 per litre in a deregulated atmosphere.

The marketers are utilizing Tinubu’s declaration to create an artificial scarcity, forcing drivers to pay exorbitant prices for gas.

Fuel lines virtually blocked the Federal Capital Territory (FCT) from Kubwa to Wuse, CBD to Garki. As always, black marketers capitalised on the scarcity to fleece motorists who are not able to queue for petrol in filling stations.

Experts who analysed Tinubu’s inaugural address described the subsidy abolition part as insensitive and reckless since former President Muhammadu Buhari’s administration had budgeted N3.6 trillion for subsidy payment between January and June this year.

Sunnews.

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