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Oil Marketers Oppose Tinubu’s Subsidy Removal as Petrol Prices Reach N500/Litre

According to reliable sources at Parallel Facts, it has been discovered that petrol is now being sold for N500 per litre at certain petrol stations in Ogun and Lagos State, following Bola Ahmed Tinubu’s announcement that fuel subsidy would be removed by June.

When our reporters visited some filling stations in the Ikeja area of Lagos State, they found that many were closed, while the few that were open were selling petrol at the price of N500 per litre.

Some major marketers who still had fuel maintained the price at N195 per litre, but long queues were observed at such filling stations. In Lagos, several filling stations were selling petrol at prices ranging from N500 to N700 per litre.

Along the Lagos-Abeokuta expressway, the filling stations with inflated prices had fewer customers, while the ones selling at the normal rates were overcrowded as of Tuesday morning.

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Meanwhile, the Independent Petroleum Marketers Association of Nigeria (IPMAN) has expressed opposition to Bola Tinubu’s declaration to enforce his predecessor’s decision to remove fuel subsidy by the end of June.

Tinubu had stated on Monday in Abuja that his administration would no longer bear the cost of subsidizing petroleum products, citing the high opportunity cost faced by the Federal Government. IPMAN, however, reacted by stating its disagreement with the new president’s plan to remove the subsidy.

Chief Ukadike Chinedu, the National Public Relations Officer of IPMAN, emphasized the need for the new government to engage in dialogue with marketers before making the decision to remove the subsidy, as reported by Daily Trust.

“We are not in support of the removal of fuel subsidy at this time. We have said it repeatedly that our refineries should be fixed before taking such decision that will cause galloping inflation and inflict more hardship on the masses.

“The government of President Tinubu should not adopt what is in the transition document handed over to it by the administration of former President Muhammadu Buhari. Someone (Buhari) who for eight years did not remove subsidy is advising a new government to remove it.

“That is not fair and should not be adopted. Rather the new government should sit and discuss with marketers and other stakeholders on how to manage the fuel subsidy regime. We now have the Dangote Refinery, but all our refineries are still not working, so we don’t think removing subsidy is the right thing to do now,” Ukadike stated.

He stated that IPMAN was prepared to collaborate with the new government and would present proposals to tackle the fuel subsidy system, rather than completely stopping the subsidy.