Barely 24hrs after the newly sworn in president, Bola Ahmed Tinubu announced the removal of fuel subsidy in Nigeria, petrol stations in Benin City, Edo state capital, Monday afternoon, began hoarding of the product, thereby creating artificial scarcity.
However, some of them who later opened for business at about 6pm increased fuel pump price from N210.00 a liter to N300.00.
President Tinubu had said during his inauguration: “On fuel subsidy, the budget I met before I assumed office and what I heard is that there is no provision for subsidy. Fuel subsidy is gone.”
Following the president’s declaration, Blueprint gathered that petroleum marketers in the state promptly discussed the issue on their platforms and began hoarding the products, while some adjusted their pump price.
Blueprint correspondent first observed the development at Madam 200 Coinoil filling station on Akpakpava road when the station attendants abruptly stopped dispensing fuel after they received a telephone call.
The station was selling at N205 per liter before it decided to close for the day at about 3pm.