By Thomas Danjuma Abu
Today is December 19, 2024, and Nigeria is experiencing an unprecedented change in the fuel market. Unlike the typical frenzy of fuel scarcity and long queues at filling stations that often define the Christmas season, this year feels refreshingly different. The deliberate act by President Bola Ahmed Tinubu to remove the fuel subsidy seems to be yielding surprising results, defying the odds and initial skepticism.
A visit to filling stations across the country reveals a striking development—there are no long queues, no desperate scrambling for fuel. In fact, in some stations, there are fewer vehicles buying fuel than expected for a holiday season. This unusual situation raises an interesting question: has the controversial subsidy removal done the magic?
The removal of fuel subsidy was met with a mix of outrage and cautious optimism earlier this year. Critics warned of skyrocketing fuel prices and the ripple effects on transportation costs and the general cost of living. However, the current reality paints a different picture.
For the first time in years, fuel is available in abundance, and filling stations are functioning without the usual chaos. This has had a stabilizing effect on transportation costs, ensuring that fares do not escalate unnecessarily, even as the festive season approaches.
Interestingly, I noticed on some Facebook pages that some oil marketers are reducing the price of their fuel products by a few naira. Could this be another result of the subsidy removal? If so, it points to the possibility that market forces are beginning to dictate fairer prices and foster competition among marketers, ultimately benefiting the average consumer.
The absence of fuel queues and scarcity can be attributed to several factors. With the removal of the subsidy, market forces are now dictating fuel prices. This has reduced the opportunities for hoarding and artificial scarcity created by subsidy speculations. The government and private sector seem to have improved the supply chain, ensuring that fuel reaches all parts of the country. Interestingly, Nigerians do not appear to be traveling as much this Christmas compared to previous years. Economic realities and shifting priorities may have influenced this trend, easing pressure on fuel demand.
While the immediate impact of the subsidy removal appears positive in terms of fuel availability and pricing stability, the broader implications remain a topic of debate. Nigerians are still adjusting to higher fuel costs, and the economic ripple effects are yet to be fully assessed.
However, the absence of fuel scarcity this festive season is a welcome relief for many. It suggests that, perhaps, the bold step taken by the Tinubu administration to remove the subsidy is starting to show its potential benefits.
We must thank and appreciate President Tinubu for taking this bold and result-oriented move. His leadership in making such a difficult but necessary decision is beginning to yield visible results that may set the foundation for a more stable and efficient fuel economy in Nigeria.
As the Christmas season unfolds, one thing is clear: the absence of fuel queues this year is a positive shift worth celebrating, even if Nigerians are traveling less. This might just be the start of a new chapter for Nigeria’s fuel economy.
Abu can be reached via danjumaabu3750@gmail.com or. +2348062380296
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