Residents of Port Harcourt, the Rivers State capital, have refused to purchase fuel at the Nigerian National Petroleum Company (NNPC)’s published price of ₦511 per litre.

In a video seen by FIJ on Wednesday morning, cars were parked outside the NNPC station at Lagos bus stop, Port Harcourt.

Vehicles remain outside despite the station’s gates remaining open to welcome customers.

The NNPC price board reads ₦511 for petrol and ₦745 for diesel.

FIJ spoke with Mosopeuluwa Cole, a resident of the area, who confirmed the development. Cole said she went out earlier in the day at about 8 am and learned the price was ₦510.

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She said she later learned the price had increased by one naira.

“I went out this morning to the Eleme area of Port Harcourt and saw long queues outside the filling stations,” Cole told FIJ. “At that time, NNPC was selling for ₦510 per litre.

“Now, people are not buying; they are just outside the stations because the price is too much.”

FIJ obtained an updated list of fuel prices as published by NNPC. The state with the cheapest petrol pump price per litre was Lagos with ₦488, while Borno and Yobe states had the highest unit price of ₦577. The prices take effect from May 31, 2023.

This comes two days after President Bola Tinubu announced the expiration of fuel subsidy.

Tinubu, in his inaugural address to the country, said there was no provision for subsidies in the country’s 2023 budget, and thus, “Subsidy is gone”.

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His pronouncement sparked reactions as Nigerians began flooding fuel stations to buy fuel before prices went up.

The panic buying, according to members of the Independent Petrol Marketers of Nigeria (IPMAN) who spoke exclusively with FIJ, caused a shortage of the product and led to a hike in price.

On Monday, Mele Kyari, NNPC Group Chief Executive Office (GCEO), told pressmen the NNPC had over 30 days’ supply of petrol, and there was no need for panic buying.

He added that the company was the supplier of last resort, and would provide the product if others failed, but while IPMAN is looking to reduce the price before subsidy removal on June 30, NNPC has taken theirs up.