Panic in Ibadan as petrol stations shut down, raise pump price to N617

Panic started this morning among Nigerians as fuel stations in Ibadan reviewed their pump price or shut down the sale of petrol to the public completely.

The action of the petrol stations followed the news of an upward review of petrol price to N617 per litre by the NNPC on Tuesday morning, 18th July 2023.

Nigerian Tribune Online visited commercial petrol stations in Ibadan to confirm the situation and found that many of them have stopped the sale of the commodity to the public as soon as they got information on the price change or increased their pump price.

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This new development has led to panic among Nigerians stranded in queues at very few fuel stations that are still selling or have been shut outside the fuel stations.

Nigerian Tribune Online spoke with customers at the fuel stations, and many are concerned that the decision to stop the sale of petrol because of the price change would make life more difficult than it already is.

“They sold it this morning, but because they have heard the information that the price will increase, they stopped selling to us,

“If they want to increase the price to 700, they should make it accessible.”

“Tinubu removed the subsidy, but we have not seen a good result, a male customer lamented.

Another customer, a commercial bike owner, pleaded with the government to make life easier for Nigerians.

“The fuel is what we need; if they review the price, they should not make it difficult for us, ” he begged the government.

The immediate reason for the hike in petrol price has not been ascertained, but it is not far-fetched from the recent projections by oil marketers that fuel price will hit N700 per litre soon.

Meanwhile, Mr. Ahmed Farouk, the Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), on Monday, revealed that the country’s daily petrol consumption figure has reached 46.34 million litres.

Farouk, while speaking during a stakeholders meeting in Lagos, stated that the significant reduction of 35% is attributed to the subsidy removal by the Federal Government.

According to him, the average daily truck out for petrol consumption dropped to 46.34 million litres after the announcement of the subsidy removal on May 29.