Subsidy Removal: Fuel Price in Nigeria to Exceed N500 Per Litre

There are signs that retail fuel price in Nigeria will increase sharply as the federal government plans to remove fuel subsidy.

The downstream sector of the petroleum industry has been thrown into confusion with the emergence of a document revealing an alarming retail price of over five hundred naira per litre for petrol.

The document highlighted the listed prices of petrol in key cities, including Abuja, Lagos, and Kano, at five hundred and thirty-seven naira, four hundred and eighty-eight naira, and five hundred and forty naira per litre, respectively.

READ ALSO: Nigeria Does Not Have Money to Pay For Subsidy – Mele Kyari

During his address at Eagle Square in Abuja, President Tinubu confirmed the exclusion of the petroleum subsidy regime from the reviewed 2023 budget, declaring an end to the subsidy.

Tinubu stressed the redirection of subsidy funds towards critical sectors such as public infrastructure, education, healthcare, and job creation.

He had said:

“We commend the decision of the outgoing administration in phasing out the petrol subsidy regime, which has disproportionately favoured the wealthy over the poor. The increasing costs of subsidies can no longer be justified given our limited resources.”

READ ALSO: Tinubu Clarifies When Subsidy Removal Will Take Effect

Meanwhile, this newspaper learnt that Mr Farouk Ahmed, the Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority NMDPRA (the regulatory body overseeing sector activities) was yet to comment on the matter.