“Subsidy Is Gone”: Fuel Queues Return on Tinubu’s First Working Day as Nigeria’s President, NNPC Speaks
- President Bola Ahmed Tinubu has officially begun his four-year tenure as Nigeria's president.
- On Tinubu's first working day, the plan to remove fuel subsidies caused panic among motorists, resulting in long queues at fuel stations
- The NNPC has come out to assure Nigerians that there is enough petrol supply and advises against panic buying.
Today, Tuesday, May 30th, marks the official first working day of President Bola Ahmed Tinubu.
In his inauguration speech, President Tinubu announced that his administration would finally remove fuel subsidy.
The announcement seemed to have caused panic among motorists, leading to a rush to buy and hoard fuel across the country.
Source: Getty Images
Some petrol stations also wasted no time adjusting their retail prices, despite no official increment in pump price.
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Fuel queues resurface across the country
In Lagos, queues were observed at fuel stations from Total to Mobil and Conoil around Ojota and on the Lagos-Ibadan Expressway, as reported by Tribune.
Motorists were also seen struggling to buy petrol in Ikotun in the early hours of Tuesday morning.
The situation was similar in Ikotun, where some stations sold at a price range of N200 to N250 per litre.
Similarly, long queues were reported in Benin City, the capital of Edo State, as motorists flocked to the NNPC mega station on Sapele Road, selling at the official rate of N187.
Sokoto state also witnessed long queues at some fuel stations, with independent marketers selling petrol between N240 and N260 per litre.
NNPC speaks on panic buying
Reacting to the development, the Nigerian National Petroleum Company Limited (NNPCL) stated that the decision to remove subsidy on petrol by President Bola Tinubu is a welcomed development.
The group chief executive officer of NNPC Ltd, Mele Kyari, assured Nigerians of a sufficient supply of products, particularly petrol, adding that the company has over 30 days of petrol storage and supply.
He said:
"There is no reason to panic. We understand that people will be scared of potential changes in the price of petrol, but that is not enough for people to rush to buy more than they need."
He also appealed to Nigerians not to be scared or indulge in panic buying.
Kyari added:
"Subsidy has been a major challenge for NNPC's continuous operations. We believe that this will free up resources to enable us to continue to do great work and function as a commercial entity. We welcome this development."
Aliko Dangote's Refinery finally opens as he pens 74-word message to Nigerians in rare social media post
Meanwhile, in another report, Legit.ng revealed that Aliko Dangote shared a post on his social media account in anticipation of his $19 billion refinery launch.
The Dangote Refinery, located in the Lekki Free Trade Zone of Lagos, is set to be Africa's largest oil refinery, with a capacity to process 650,000 barrels of crude oil daily.
In his post, Dangote spoke about the benefits and expectations, while his delighted followers reacted.
Source: Legit.ng
