NNPC Cautions Against Panic Buying
The Nigerian National Petroleum Company (NNPC) Limited says it has noted the appearance of fuel queues in some parts of Lagos and a few other locations around the country.
The retail management of the NNPC in a statement on Thursday, said the queues are due to reduced Depot loadout in Apapa, Lagos over a few days.
It added that the root cause of the queues has since been addressed.
“We assure all Nigerians that there is ample supply with sufficiency of at least 30 days,” the statement said.
The NNPC, however, advised motorists to desist from panic buying as distribution will normalize over the next couple of days.
The last notable queues at petrol stations happened in May after President Bola Tinubu announced an end to fuel subsidy during his inauguration.
Tinubu had said the 2023 budget made no provision for fuel subsidy and more so, subsidy payment is no longer justifiable.
The announcement had led to scarcity of petroleum products, resulting in long queues at petrol stations across the country, with a litre of petrol rising from N184 per litre in Lagos to over N500.
