Fuel price across Nigeria afta Tinubu speech on subsidy

“Di fuel subsidy done go!” Na so Nigeria new President Bola Ahmed Tinubu, declare few minutes afta im swearing in on Monday.

Few hours afta President Tinubu make dis declaration, filling stations for Nigeria begin close, fuel begin scarce, di price shoot up and long queues appear everywia, as Nigerians begin panic buying.

As tins be now, e no get any standard price for fuel as different filling stations dey sell different prices. But e no clear why dem suddenly increase price or in some cases, withdraw sales all togeda.

BBC Pidgin reach out to different parts of di kontri to find out how much fillings stations – independent marketers and Nigeria National Petroleum Corporation NNPC authorised stations - dey sell fuel.

See wetin we find.

Price of petrol across Nigeria today

For Lagos, price of fuel range from di official pump price of N185 to up N600 per litre.

While NNPC authorised filling stations dey sell N185 per litre, some independent marketers dey sell N500 and odas N600.

Meanwhile for black market for Lagos, you fit buy up to N400.

For Rivers state, on a good day fuel na more dan N200. By Tuesday morning all di stations wey bin dey sell between N210 and N250 suddenly stop to sell.

Some independent marketers for Eleme, Akpajo and Port Harcourt sell fuel up to N400 per litre.

One customer tell BBC Pidgin say e buy along Stadium Road, for Port Harcourt N500 afta e queue for at least three hours.

Meanwhile Black Market dey sell as high as N750, for River state.

For Ogbor hill, Aba, for Abia state, eastern part of di kontri, one customer tell us say e buy fuel for as high as N600 per litre.

Anoda pesin tell us saye e buy for around Ikot-Ekpene road for Umuahia, Abia State at N450 per litre, while at least five oda stations around dat one bin dey closed.

Across di northern states many of di fuel stations dey closed.

Di few ones wey no close dey sell fuel for N400 per litre for Kano state and same tori for neighbouring Kaduna state.

Dem bin dey sell fuel for 230 per litre or less on Monday just before di inauguration of President Tinubu.

'No need to panic'

Meanwhile, di Nigerian Mainstream and downstream Petroleum Regulatory Authority for statement don ask Nigerians not to panic sake of di removal of subsidy.

Dem assure Nigerians say dem dey work wit NNPC to make sure say di transition to era of no subsidy to dey smooth.

Enough fuel dey available to meet di demand of Nigerians so no need for anybody to stockpile di authority tok.

In response to President Tinubu announcement NNPC celebrate di goment decision.

Di Group Chief Executive Officer of NNPC Limited, Mele Kyari, say di removal of di subsidy don remove very big load from dia limited cash flow.

Wit dis decision, Kyari say money don dey available for dem to fit run di operations witin di company.

'Presidency dey in a hurry to remove subsidy'

Joseph Obele, di executive chairman of Independent Petroleum Marketers Association of Nigeria, (IPMAN), Port Harcourt, say di president bin too dey in hurry to announce subsidy removal on im first day in office.

E say di scarcity na response to di president announcement.

Right now, no activity dey happun for petroleum marketers online buying platforms, im tok.

Obele add say, even depots no wan sell to marketers becos dem sef dey expect new price.

For di IPMAN chairman, di solution na for di president to reverse im announcement to remove subsidy, or to suspend di removal until Nigeria local refineries begin to function again.

If goment carry out dis decision as tins dey now, Nigerians go buy fuel above N700. But if dem remove am afta di refineries begin work, dem go buy am for less dan N100, im tok.

Wetin be Fuel Subsidy?

Fuel subsidy na form of goment intervention to reduce di cost of fuel.

Goment dey provide direct financial support to oil companies, so dat dem go fit reduce di price of di product to consumers (Nigerians) to make am dey affordable for dem.

Nigeria na one of Africa largest producers of crude oil, and e dey rely heavily on dis resource for dia economic growth.

Sake of say Nigeria no get refinery, dem gatz export dia crude oil go anoda kontri come import di refined crude oil. Di money wey dem go take refine dis crude oil dey expensive and make e for no be burden on consumers, goment dey pay some part of di money to marketers.

Therefore goment dey control di price and na di amount dem tell marketers to sell, dem go sell am.

Dis na how common pipo dey benefit from goment, according to dem.

Di official reason for oil subsidies na to reduce di impact of rising global oil prices on Nigerians.

Fuel subsidy don dey di kontri since di 1970s.

Dem institutionalise am for1977, under di regime of General Olusegun Obasanjo wit di promulgation of di Price Control Act wey make am illegal for some products (including petrol) to dey sold above di regulated price.

Between 2006-2018, Nigeria don spend about 10 trillion Naira on petroleum subsidies.