The inaugural speech of the President of the Federal Republic of Nigeria, Chief Bola Tinubu, on the removal of fuel subsidy has sent the fear of an increase in the product price into the spines of many residents of Ughelli, resulting in panic buying of the product in the area.
Confirming their fear, most petrol stations in Ughelli hurriedly closed up business for the day while the few that were selling had spiked the price from 220.00 to 265.00 with only Matrix petrol station selling at the old price of 205.00.
Long queues could be seen in the few petrol stations that were selling the product, while some residents could be seen milling about carrying jerrycans to buy fuel.
One of the residents, Mrs. Ejiro Egone complained that she was taken unaware by the announcement as she could not buy fuel at home before the spike in price.
She lamented that the subsidy removal would compound the economic hardship introduced by the Buhari maladministration.
She added that small-scale businesses that depend on fuel would be impacted negatively since the electricity supply in the country was in shambles.
Pastor Philip Ojakorotu who spoke to journalists about the subsidy removal, asked if the situation would spike the prices of petroleum products.
He added that the faith of the common man in the country would be hanging in the balance.
Continuing, Ojakorotu said the subsidy removal was too hasty, saying that the price of foodstuff and transportation would increase astronomically.
Pastor Ojakorotu who later anchored his faith in God advised Nigerians not to despair in the face of adversity but should put their trust in God.
In the same vein, long queues of vehicles and tricycles were seen at filling stations with a hike in fuel pump prices as a result of the pronouncement of fuel subsidy removal by President Bola Tinubu at the Inauguration ceremony.
According to a tricycle rider, Mr. Ovie Francis said he bought fuel for #350 as against #210 thus affecting transportation at a distance of #50 a drop is now #100. PTI junction to Ughelli that was #500 now increased to #700
This singular act of pronunciation without implementation has brought untold hardship on the masses as it will immediately affect the prices of commodities in the market.
