The Nigerian National Petroleum Company Limited (NNPCL) has cautioned Nigerians against fuel panic buying as he welcomed the pronouncement of President Bola Ahmed Tinubu on the removal of subsidy.
The President, in his inaugural address on Monday, May 29, 2023, declared an end to the era of subsidy payment, saying the 2023 budget made no provision for fuel subsidy, so further payment was no longer justifiable.
Soon after, it was reported that some filling stations in Lagos and Abuja were closed while others that dispensed petrol had large queues of cars and people, lining up to fill their tanks and kegs.
However, responding in an emergency press conference at the NNPC Towers, Abuja, NNPCL told Nigerians not to indulge in panic buying, adding that the move was in the best interest of the company.
According to the GCEO of the company, Mele Kyari, the company has been spending a substantial amount of its profits in the subsidy of the product
Subsidy has been a major challenge for NNPC’s continuous operations. We believe that this will free up resources to enable us continue to do great work and function as a commercial entity, we welcome this development,’’ he said.
Reacting to queues and scarcity already being experienced, the GCO assured Nigerians of a sufficient supply of products particularly petrol, adding that the company has over 30 days of petrol storage and supply.
“There is no reason to panic, we understand that people will be scared of potential changes in price of petrol, that is not enough for people to rush to buy more than they need,’’ he added.