In the 2023 budget provision was made for subsidies, and it would cost 3.6trillion.In the 2022, 4 trillion was set aside for subsidies, despite this, On investigation by Veonewsng, It was discovered that petrol sells for between 200- 260 Naira in most states of the South-South, and South East.
The motorists interviewed revealed that the cost had increased since the start of the last fuel scarcity in November,they also called on the government to aid their sufferings.
This begs the question, what is the effect of the subsidies and how are the people benefiting.On talking to top industry players and some officials of the NNPC they confirmed that there is a preexisting price war ongoing hence the variation in pricing.
It would be recalled that for over a month now, Lagos streets have been inundated with fuel scarcity but the price remains the official price.
Another question is what is the official price because we have seen the marketers raise prices to a benchmark of 170-190 Naira while the NNPC resists, the situation on ground is different