President Bola Tinubu said yesterday said that the era of petrol subsidy was gone, noting it was not sustainable.

In a knee-jerk reaction to the confirmation of fuel subsidies removal by President Bola Ahmed Tinubu’s administration, marketers and operators have increased petrol pump prices to N210-N500 per liter.

These price changes happened less than six hours after Tinubu’s announcement during his inaugural speech at Eagle Square, Abuja.

In his inaugural speech, the President said since the immediate past President, Muhammadu Buhari, did not budget for fuel subsidies in the second half of the year, the payment is gone for good.

Buhari had budgeted for fuel subsidies till the end of June, which implies that most fuel products available are still enjoying the subsidies regime.

Mr. Mike Osatuyi, the National Operations Controller, of the Independent Petroleum Marketers Association of Nigeria, said that the pronouncement being part of his campaign promises is the first step towards Tinubu’s fulfillment of his campaign promises.

According to the IPMAN boss, “The money used on subsidy will be diverted to develop other sectors.

“That means Tinubu has begun to fulfill his campaign promises,” he said.

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So what do you think, How much will fuel prices be after the removal of the subsidy in July?

Make we dey see

Diesel cost should be a good indicator.

Deregulated AGO(Diesel) current costs ₦650 per litre so PMS(Petrol) should be somewhere in that range.

savcy:
Marketers estimate it to be around N500/liter, but that's a worst case scenario. With subsidy out of the way, government pressure on NNPC for revenue would ease a bit, and this would positively affect the price of the product. This is entirely my opinion though.

Don't you think that Dangote refinery will affect it?

abhosts:
Diesel cost should be a good indicator.

Deregulated AGO(Diesel) current costs ₦650 per litre so PMS(Petrol) should be somewhere in that range.

Some have estimate that it will be N700 or more, people might have to switch to a different power source

700 to 800 naira a litre. That's the price in Benin, Togo, Ghana, Cameroon.

tensazangetsu20:
700 to 800 naira a litre. That's the price in Benin, Togo, Ghana, Cameroon.

Ah! how have they been surviving, do they have an alternative for fuel or good electricity?

DyshApp:


Ah! how have they been surviving, do they have an alternative for fuel or good electricity?

Electricity supply is very consistent in these countries. Hardly anyone uses generators.

tensazangetsu20:


Electricity supply is very consistent in these countries. Hardly anyone uses generators.

No wonder, that would mean that fuel price only affects their transportation?

DyshApp:


No wonder, that would mean that fuel price only affects their transportation?

Yep

But don't you guys think that the Dangote refinery might help stabilize the fuel price?