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ABUJA. – A proposal by Nigeria’s new president to remove costly fuel subsidies has sparked a rush to snap up cheap petrol and led to long queues outside gas stations across Africa’s most populous country.
The fuel crisis erupted at the start of the week after Mr Bola Tinubu, making his first address as president, abruptly revealed that the petrol subsidies costing Nigeria’s government about US$10 billion last year were now “gone”.
Many Nigerians responded to the announcement by rushing to stock up before the subsidies were removed, sparking long lines at fuel stations and immediate scarcity.
A tripling of petrol prices by the state oil company on Wednesday sparked further panic, with the sharp increase to N557 ($1.20) per litre accompanied by a warning from NNPC that prices would “continue to fluctuate to reflect market dynamics”. – FT.com
Online Reporter