Residents in Abuja , have expressed their concern over the removal of fuel subsidy .
They urge the Federal Government to look into regulating the new fuel pump price which has now increased from 195 naira per litre to 537 naira.
The Nigerian economy depends largely on petroleum which makes ninety percent of its exports and one third of its GDP.
But the Petroleum industry recently recorded zero revenue from oil export due to fuel subsidy payments.
Petrol subsidy alone last year cost the country over one hundred and ninety nine billion naira .
Over the years various administrations had always had plans to remove fuel subsidy but none of these efforts were fully implemented .
TVC News spoke to some residents on the queue waiting for their turn to get fuel at a fuel station.
They are clearly unhappy with the increment in price of fuel as they fear this will affect market prices making goods now more expensive than previous months .
There are others who urge Nigerians not to panic as the decision to remove fuel Subsidy which will in the long run, bring a lot of benefits.
