Economy

Fuel Subsidy Removal: SGF Assures Nigerians of Better Days Ahead

By Web News 502

The Secretary to the Government of the Federation (SGF) George Akume is assuring Nigerians of the government’s plans to ease the pains of the hike in the price of petrol.

Since the removal of the petrol subsidy, there has been a hike in the price of the commodity. Earlier sold for about N190 per litre, the price has gone up to between N600 and N700 since President Bola Tinubu pronounced that “subsidy is gone”.

The development has triggered a backlash but Akume says the government is not oblivious of these concerns.

“As our team takes shape, I want to remind you all that @officialABAT came prepared- he came with a plan. He knows what to do & he is doing it. He has nurtured this vision for decades and he is now bringing it to life,” he tweeted Sunday.

“As a government, we have heard your cries about fuel price increases, and be rest assured, we are working round the clock to normalize & bring solutions that ease the pain. Our job is to give you the quality of life you deserve when you wake up. So far, we are on course,” he added.

While describing the subsidy regime as “regressive,” he said the country needed to end it.

“For this regressive subsidy regime just ended, know that annual subsidy payments due to inefficiencies in the oil and gas value chain stood at a colossal $11b. It was not sustainable, and someone had to act. The President was decisive in doing so & he told us from day one,” he said.

He, however, urged Nigerians to be patient as “we are already working out modalities to ensure market forces normalize pricing while we drive policies that better your lives & boost your earning power. We have a clear economic restoration plan, so I urge you to trust the process”.

Channelstv/ Oluwayemisi Owonikoko

Subscribe to our Telegram and YouTube Channels also join our Whatsapp Update Group

Transportation

Drivers Lament Hardship Due to Petrol Price Hike

By Web News 526

Adenitan Akinola 

The leadership of Commercial Minibus Drivers’ commonly known as ‘Korope’ in Osogbo, are lamenting the pains being experienced by motorists and Nigerians due to fuel subsidy removal.

The Drivers stormed the popular Olaiya flyover on Wednesday, where they expressed their grievances and shortages that have befallen them due to increase in the cost of petrol.

The commercial drivers who refused to attend to commuters in the early hours of the day in Protest to the economic situation, however resolved to create four major bus stop within Osogbo metropolis, mandating all their members to start loading passengers at the newly created Bus stops for ease of fuel consumption management.

According to them the new development was due to the hike in the new pump price of PMS.

Speaking with our correspondent, the Vice Chairman of Mini bus drivers, Osogbo unit, Mr Abodele Lateef said “we decide to create a routes/ bus-stops for all mini buses in Osogbo so that we can have little money for fuel.

“Now we divide the route into four places. 

“Those plying Ola-Iya, Ogo-Oluwa , Abeere , Owode-Ede will carry passengers from there and then turn back from garage Ilesha , Owode will pick passengers from there and then turn back with passengers, those from Ota Efun and others will also do the same Oke-fia, Dada Estate will drop their passengers and turn back so that we won’t be wasting too much fuel this will take effect from Thursday.

“This route initiation and what we are doing today is just to create awareness for people to know. 

“Our step does not affect the government of the State because we know we are in the State capital and we can’t stop korope from working so it would not affect the people who will be going to work”.

Our correspondent reports that many passengers were stranded, as a result of the development.

Speaking on the pump price hike, a commercial motorist who identified himself as Taofeek, lamented the hardship occasioned by the removal of fuel subsidy.

He noted that even when the subsidy was first removed, majority of the commercial drivers could not afford the N500 price initially implemented.

Taofeek, said majority of them receive the increment in the pump price in a shock adding that “we do not expect more hardship than what we are currently experiencing,” 

He therefore appealed to the government to provide respite that will cushion the effect of the hardship on citizenry.

Subscribe to our Telegram and YouTube Channels also join our Whatsapp Update Group

Energy

Subsidy Removal: Petrol Pump Price Skyrockets

By Web News 1059

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 in his inaugural speech yesterday, the new president, Bola Tinubu, stated that “petroleum subsidy is gone”.

Checks by Newsmen in Lagos showed that some marketers responded by increasing their prices by about 100 per cent to N370 from N185 per litre.

However, few other stations especially the major marketers, sold between N195 and N220 per litre across Lagos and Abuja.
Our findings also showed that some of the petrol station operators simply shut their filling stations, thus leading to the emergence of long queues.

This is even as depot owners shut their operations, arguing that further clarification was needed to guide activities on the implementation of the new order.

In Abuja, long queues re-emerged at petrol stations as motorists reacted to the removal of subsidy on petrol.

The case is not different in Ibadan as most filling stations in the metropolis is under lock while there are queues in the few ones selling who sell between 250 naira and 300 naira per litre.

Meanwhile, commuters were seen stranded at various bus stops waiting to board commercial buses which may have been trapped in the frenzy that greeted the petrol subsidy removal.

Few of the buses that were on the road for business hiked the fares between 50 and 100 per cent over the fear of impending scarcity.
One of the motorists, wearing a long face, who spoke with this reporter at one of the fuel stations selling petrol, lamented, “Why would Tinubu start on this note to punish the already depressed, impoverished Nigerians inflicted by the out-gone administration of President Muhammadu Buhari.

“This is absolutely unfair to Nigerians. When I heard that Tinubu has directed the removal of oil subsidy, I had to rush down here to fill my tank and some jerry cans for my power generating set.”

Also, Mr John Akinloye, a motorist along the Agege area, said, “I was not surprised to see queues at the fuel stations after the announcement. I just pray this sad and unfortunate development will not last so as not to put suffering masses in another round of economic and mental torture.

“I have been at the fuel station for over an hour, and am yet to get to the fuel pump point. Even the fuel attendants are not willing to sell more than N3,000 per buyer. If you want to buy N4,000 they are refusing.” He said.

At Conoil and Adova Petroleum stations located in Karu area of the nation’s capital, long queues were observed with stations selling at N195 per litre.

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 situation, it was gathered might worsen in the coming days as workers and business owners return to work today after the holiday was declared for the inauguration of the new president.

Culled/ Oluwayemisi Owonikoko

Subscribe to our Telegram and YouTube Channels also join our Whatsapp Update Group

Energy

IPMAN Kicks Against Tinubu’s Planned Fuel Subsidy Removal

By Web News 1387

The Independent Petroleum Marketers Association of Nigeria, IPMAN, has opposed the plan by President Bola Tinubu to enforce his predecessor’s decision to remove fuel subsidy by June end.

Tinubu had earlier on Monday, in Abuja, affirmed that his administration would not continue to pay subsidy on petroleum products.

He said given the high opportunity cost the Federal Government was suffering to fund subsidies, it was no longer justifiable to continue.

“The fuel subsidy is gone!” Tinubu exclaimed during his inaugural address at Eagle Square, Abuja, shortly after he was sworn in as the 16th President of Nigeria.

The President said “Subsidy can no longer justify its ever-increasing costs in the wake of drying resources. We shall instead re-channel the funds into better investment in public infrastructure, education, health care, and jobs that will materially improve the lives of millions.

“We commend the decision of the outgoing administration in phasing out the petrol subsidy regime which has increasingly favoured the rich more than the poor.”

Tinubu said since there was no provision for subsidy in the budget from June 2023, it stands removed.

However, reacting on Monday, IPMAN said it was opposed to the new president’s subsidy removal plan

The National Public Relations Officer, Independent Petroleum Marketers Association of Nigeria, Chief Ukadike Chinedu, said the new government should dialogue with marketers before taking the decision to remove subsidy.

“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 a 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 said IPMAN was ready to work with the new government and would proffer measures to address the fuel subsidy regime, instead of effecting an outright halt in subsidy.

Punch/ Oluwayemisi Owonikoko

Subscribe to our Telegram and YouTube Channels also join our Whatsapp Update Group