Read also: NSC: Driving port efficiency through fight against corruptionĬurrently, fuel in Africa’s biggest economy is selling at an average of N526.7 per litre from an average of N191.8 per litre a month ago, according to BusinessDay’s calculation of NNPC’s new/old price list. Last Monday, President Bola Tinubu during his inaugural speech announced the removal of the petrol subsidy.īarely three hours after the speech, fuel prices across the country surged by an average of 174.6 percent from their then price a month ago.

“It is now clear that more sustainable interventions that the nation urgently needs to cushion the short-term effect of subsidy removal will take medium to long-term to materialize, including the urgent rehabilitation and transparent privatization of the local Refineries across the country,” it added. It said since 1999, several quick-fix efforts such as the sponsored mass transit, SURE-P and other initiated palliatives in response to fuel price upward adjustment failed.

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