John Akinloye News Today

At petrol stations operated by independent marketers, pump price was hiked to between N315 and N370 per litre with the topmost price range recorded in other parts of the country outside Lagos and Abuja.

The downstream end of the Nigerian petroleum industry has gone into a frenzy as operators respond to the immediate removal of subsidy on petrol with a sharp hike in pump price just as consumers crowded to the petrol stations. Commercial transporters have also hiked their trip fares across the country in response to the developments.

Less than 24 hours after President Bola Tinubu as assumed office as the Nigeria's 16th President, the pump price of premium motor spirit (PMS) has jumped to N300 and N350 per litre. SaharaReporters reported on Monday that shortly after President Tinubu announced the total removal of subsidy on petrol otherwise known as fuel, queues returned in major petrol stations across the country especially in Lagos and Abuja. Tinubu had in his inaugural speech, stated that “petroleum subsidy is gone�...

The downstream end of the Nigerian petroleum industry has gone into a frenzy as operators respond to the immediate removal