From Ighomuaye Lucky, Benin

Independent Petroleum marketers in Edo state have increased the price of Premium Motor Spirit (PMS) to between N400, N500 and N600 per litre following the announcement of the removal of fuel subsidy by President Bola Tinubu during his inaugural speech after being sworn in.

Recall that President Tinubu had said during his inauguration: “On fuel subsidy, the budget I met before I assumed office and what I heard is that there is no provision for subsidy. Fuel subsidy is gone”.

Immediately after the president’s speech on Monday, petroleum marketers in the state allegedly discussed the issue on their platforms and commenced product hoarding for several hours.

But few of them who later opened for business at about 6 pm, however, increased pump price from N200.00 a litre to N300.00.

Our reporter who monitored the situation on Tuesday observed that many filling stations have closed to customers while those that opened hiked the price to between N400 and N600 per litre.

Filling stations on the Agbor road, which sold N300 and N400 per litre on Monday increased prices to N400 and 500 per litre.

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Some of the filling stations such as NNPC mega station on Sapele Road and Conoil on Akpakpava Road popularly known as Madam 200 filling station and Buvel filling stations are selling at the normal price and witnessed long queues of motorists waiting for fuel.

A commercial driver, Jude Ezekiel said most of the filling stations that are selling have increased pump prices between N400 and N500.

“I went to Mrs station that was selling N300 on Monday it increased price to N400.

“Conoil filling station has increased price to N500. I bought fuel at N400 per litre”

Another driver who only gave his name as Chinedu, said he bought fuel at N500 too, adding most of the filling stations, especially major marketers are not selling while those who are selling hiked their prices.

Meanwhile, commercial drivers have increased transport fares by 50 and 100 per cent depending on the routes.