Nigerians Groan Under The Weight Of N500 Per Litre Of Fuel As Tinubu-led Federal Government Saves N400b Within 30 Days From Removal Of Oil Subsidy.

Inflection-hit common Nigerians have expressed fear over current predictions that the pump price of petrol in Nigeria, which recently soared to N520 per litre, no thanks to sudden removal of fuel subsidy, will continue to rise in the coming months.

Unconfirmed street financial analysts have said that in July 2023, just few days away, fuel will likely sell for above N700 per litre in Lagos metropolis.

As would be expected, the overall impact of the fuel price rise on the cost of every other goods in Nigeria has been huge and the effect on the common citizen unimaginable.

So, rumours and reports of possible further increase in the price of fuel and other essential goods, NewsOrient Network reports, is a near panic.

The panic can be traced to admission of informed stakeholders, including operators in the downstream oil and gas sector of Nigeria economy that fuel price rise will certainly continue in July, 2023 and beyond.

Part of the reason adduced for a near certain continues increments is the flouting of Nigeria’s currency, the Naira.

The expressed disillusionment is notwithstanding of the declaration that the Federal Government of Nigeria has raked in N400 billion due to fuel subsidy removal in the last 30 days.

Utterances and predictions of experts and commoners alike have been that of fear of a difficult future for Nigerians.

On Friday, for example, Daily Post newspaper, in a report quoted Chinedu Okonkwo, the National President of the Independent Petroleum Marketers Association of Nigeria, as “speaking on the state of the sector owing to the removal of the subsidy and changes in the country’s foreign exchange market.”

The news medium quoted Okonkwo as saying that “the deregulation has a long time impact.”

He said “the development would either lead to an increase in fuel price or a decrease depending on the market-determined price of forex.”