Petrol stations in the city of Enugu are experiencing long queues just hours after President Bola Tinubu on Monday announced the end of fuel subsidy.
This is even as most of the stations that are dispensing increased their pump rates.
President Tinubu in his inauguration speech, highlighted that the fuel subsidy regime had disproportionately favoured the rich over the poor.
He commended the decision to phase out the subsidy, stating that the resources previously allocated to subsidy payments would be redirected towards public infrastructure, education, healthcare, and job creation, to improve the lives of millions.
In addition to the subsidy removal, Tinubu also addressed concerns about multiple taxations.
He expressed his commitment to reviewing the existing taxation system to stimulate economic growth and attract more investors to the country.
Many private stations visited by our correspondent are selling from 230 to 270 litres per litre.
The rush motorists said is due to the fear of further hike in the price of the product.
Analysts said the pump price could go as high as 750 naira per litre if the government stops paying subsidy.
The coming days will surely be interesting as Nigerians welcome the new administration.
