On Tuesday, October 10, the petrol shortage in Abuja escalated dramatically, as retailers began charging exorbitant prices of up to N1,000 per liter. Long queues have resurfaced across the city, painting a dire picture of the turmoil in the downstream sector of the petroleum industry.
This development transpired just 24 hours after the Nigerian National Petroleum Company Limited (NNPCL) vehemently denied any return of subsidies on petrol. Nevertheless, on Tuesday, the majority of filling stations in Abuja remained closed, leaving motorists to congregate at the few that were still dispensing fuel.
Prices at the pump have skyrocketed, with most independent retailers charging a staggering N625 per litre, while NNPCL dispensed the fuel at N613 per litre. Adding to the chaos, black market vendors, identifiable by their yellow kegs, raised their prices from N750 to an astonishing N1,000 per litre.
This situation unfolds only weeks after President Bola Tinubu assured the public that there would be no further increases in the pump price of petrol, despite the deregulation of the downstream market, firmly stating that the current petrol price would be upheld.
However, the current crisis seems to challenge that promise, causing widespread concern and distress among the residents of Abuja and the nation at large.