Fuel Subsidy: Latest Petrol Scarcity News, Update On Subsidy Removal For June 1st, 2023

As Nigerians continue to groan over President Bola Tinubu’s announcement on fuel subsidy removal, Naija News brings you the latest update on the Petrol scarcity, fuel subsidy and Govt/citizens reactions.

NNPC Announces New Fuel Price Across States

The Nigerian National Petroleum Company (NNPC) Limited has pegged the price of Premium Motor Spirit (PMS), popularly known as fuel or petrol, at N488 and N555 per litre at the peak.

This is coming hours after President Bola Tinubu announced an end to the removal of fuel subsidy in Nigeria.

Naija News understands that NNPC stakeholders met on Wednesday morning. A resolution of the meeting by the management approved an upward review of the NNPC PMS pump price table for Mega/Standard/Leased Stations, instructing all marketers to adjust retail prices for the petroleum product across states.

Before now, there had been speculations that the fuel price would be determined at a later time. However, the new table of retail prices for different geopolitical zones of the country has been reeled out by the management instructing marketers to effect the changes immediately beginning from Wednesday, May 31, 2023. (https://symboliamag.com/)

Fuel Subsidy Removal Is The Only Way To Make Nigeria Great – IPMAN

The Independent Petroleum Marketers Association of Nigeria (IPMAN)has asserted that the only way Nigeria can be great is by removing fuel subsidy.

The IPMAN National Public Relations Officer, Yakubu Suleiman, made the association’s position on the removal of fuel subsidy clear when he featured on Channels Television’s Sunrise Daily programme on Wednesday, Naija News learnt.

According to him, IPMAN supports President Bola Tinubu’s pronouncement on the removal of fuel subsidy in the country.

His reaction is a sequel to the declaration of the removal of fuel subsidy by the President on Monday during his inauguration.

Applauding Tinubu for the move, the IPMAN spokesman explained that the President was only informing Nigerians that there is no more subsidy because the administration of former President Muhammadu Buhari has announced subsidy removal by not making provision for it beyond June 2023 in the budget for this year.

Fuel Scarcity: Just Like Pharaoh, Tinubu Has Inflicted Pains On Nigerians – Labour Party

The Labour Party (LP) has criticized the fuel subsidy removal plan by the new administration of President Bola Tinubu.

The Labour Party accused Tinubu of inflicting pain on Nigerians just like the biblical Pharaoh, King of Egypt inflicted pain and punishment on the people of Israel who were in his captivity.

The party lamented that Tinubu’s first proclamation as President plunged the country into fuel scarcity, long queues at filling stations, increased price of transportation and general hardship.

Naija News recalls Tinubu during his inaugural speech on Monday, announced that the era of fuel subsidy is gone, sparking the immediate closure of petrol stations and scarcity of the product across the country.