Breaking: Petrol Hits N1,000, N700/Litre as Marketers Insist Subsidy is Back

..queue returns

VAM News Update

 

THE petrol scarcity in Abuja took a new turn on Tuesday, October 10, with retailers selling the product for as high as N1,000 per litre.

This is even as long queues have returned to the streets of Nigeria’s capital city — a reflection of the crisis rocking the downstream sector of the petroleum industry.

VAM News reports that this is coming barely 24 hours after the Nigerian National Petroleum Company Limited (NNPCL) denied the return of subsidy on the product.

However, most filling stations in Abuja were locked on Tuesday, as long queues were seen at the few that were dispensing fuel to motorists.

Prices have also gone up at the pump, as most independent retailers were selling at N625 per litre, while NNPCL was dispensing at N613.

Black marketers who were seen with the product in yellow kegs had also increased their price from N750 to N1,000 per litre.

This came weeks after President Bola Tinubu said there would no longer be increase in pump price of petrol, despite the deregulation of the downstream market, adding that the present petrol price would remain.