JUST IN: Petrol shortage hits Lagos, Abuja, others

By Eyo Nsima

Petrol shortage has emerged in Lagos, Abuja and other parts of Nigeria over uncertainty associated with the planned subsidy removal.

The shortage, characterised by long queues, arbitrary prices and extortion was fueled by the government confirmation that fuel subsidy has officially ended in Nigeria.

In his inaugural address, the new President, Bola Tinubu, said: “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. 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.”

As an immediate response, some filling stations hiked their prices to more than N300 per litre, from N185 per litre while many others, including depots, simply shut their operations.

.Details coming later