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Fuel price skyrockets in Benue as residents engage in panic buying

From Scholastica Onyeka, Makurdi

Barely 24 hours after the newly inaugurated President Bola Tinubu announced the removal of fuel subsidy, the price of fuel has skyrocketed in Makurdi and its environs with various fuel stations selling at different prices.

Recall that, the president during his inaugural speech announced that the era of fuel subsidy is gone saying “We commend the decision of the outgoing administration in phasing out the petrol subsidy regime which has increasingly favoured the rich more than the poor.

He said “Subsidy can no longer justify its ever-increasing costs in the wake of drying resources. We shall instead re-channel the funds into better investment in public infrastructure, education, health care and jobs that will materially improve the lives of millions.”

Barely 12 hours after the announcement, Benue residents have besieged some fuel stations that are selling and scrambling to purchase the petroleum product.

Our correspondent who visited some fuel stations in Makurdi, the Benue State capital, observed long queues at that the mega station located along Makurdi/Aliade road as well as in some other private stations.

Checks also revealed that while the mega station sold at the normal pump, others sold between N450 and N500 per litre.

It was also observed that most of the fuel stations in the state did not open for business, apparently to enable them to adjust to the prices as would be detected by the subsidy removal.

Speaking to our correspondent, some residents have condemned the removal of the subsidy occasioned by the sudden increase in fuel prices in the state saying the move was made at the wrong time.

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