On Tuesday, as residents resorted to panic buying, the cost of Premium Motor Spirit, also known as petrol, rose to as much as N700 per litre in some areas of Anambra State.
This follows President Bola Tinubu’s Monday inauguration speech announcement that subsidies would be removed.
The few stations that did sell the product reported long lines, with some of them selling for between N250 and N350 per litre before the announcement of the subsidy removal. This was despite the fact that the majority of filling stations in the metropolis had closed their doors since Friday in anticipation of the new price regime.
Although, due to the Indigenous People of Biafra’s declaration of a sit-at-home on May 30 to observe Biafra Day, petrol stations in some areas of Awka and the major cities of Onitsha, Nnewi, and Ekwulobia remained closed.
Some of the few residents who disobeyed the sit-at-home order resorted to panic buying, purchasing the product from black market vendors for between N500 and N700.
Additionally, the few tricycle drivers who refused to follow suit increased their prices by up to 100% as a result of the development, making previously N100-per-mile distances into N200.
Mama Chisom, a restaurant owner in Onitsha, stated that filling stations have stopped dispensing fuel since the announcement of the subsidy removal so that they can change their prices to reflect the new market price.
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“I purchased the item today from the black market for N700 per litre so that I could power my generator for my business. The black marketers who had the product stored raised their prices even though there are no filling stations selling. This is awful. When normal activities resume after the stay-at-home day, we won’t know how tomorrow will turn out.
Kenechukwu Okonkwo, a commercial driver, claimed: “It seems like the owners of the petrol stations had some inkling that the subsidy removal would be announced because the majority of them have stopped dispensing the products since Friday waiting for the new development.
“Since Friday, getting the product has been challenging. Tuesday and Monday were home days. We have no idea what tomorrow will look like when regular activities pick back up. We don’t want to go through any more adversity than we already have.
Our correspondent also noted that a few petrol stations that began dispensing fuel later on Tuesday evening were doing so at a price of N500 due to changes they had made to their pump prices.
As of 7:32 p.m. on Tuesday, two petrol stations—Altrac Filling Station and Hanaco—had adjusted their metres to read N500 per litre, with few customers thronging the locations to purchase the product.
