According to a reliable source, the removal of petrol subsidy will not take place immediately, contrary to President Bola Ahmed Tinubu’s statement in his inauguration speech. It was stated that the implementation of the subsidy removal will commence after June.

In order to address and clarify related issues, the President held a meeting with the governor of the Central Bank of Nigeria (CBN) and the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL) at the Presidential Villa in Abuja. The purpose of the meeting was to engage with labor and ensure a smooth transition in the removal of the subsidy.

One outcome of the meeting was the decision for NNPCL to establish a template to prevent the importation of substandard fuel into the country and establish a price benchmark.

The clarification comes amidst reports of fuel scarcity, which has led to disruptions in major cities across the country. Fuel queues have emerged at petrol stations, with some marketers hoarding fuel and selling it at exorbitant prices of up to N600 per litre. Transporters have also increased fares.

Meanwhile, President Tinubu met with the governor of the Central Bank of Nigeria and the Group Chief Executive Officer of the Nigeria National Petroleum Company Limited at the Presidential Villa to discuss the matter further.