“No panic” – NNPC speaks as fuel queues resurface on Tinubu’s first day in office

Today, Tuesday, May 30th, marks the official first full working day for President Bola Ahmed Tinubu. In his inauguration speech, President Tinubu announced that his administration will finally remove fuel subsidy.

The announcement seemed to have caused panic among motorists, leading to a rush for fuel across the country.

Some filling stations also wasted no time adjusting their retail prices, despite no official removal.

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 were selling at a price range of N200 to N250 per liter.

Similarly, long queues were reported in Benin City, the capital of Edo State, as motorists flocked to the NNPC mega station on Sapele Road, which was selling at the official rate of N187. Sokoto also witnessed long queues at some fuel stations, with independent marketers selling petrol between N240 and N260 per litre.

Reacting to the development, the Nigerian National Petroleum Company Limited (NNPCL) stated that the decision to remove subsidy on petrol, popularly called fuel, by President Bola Tinubu is a welcome development.

The Group Chief Executive Officer (GCEO) of NNPC Ltd, Mele Kyari, assured Nigerians of 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.”

Meanwhile, in another report, Edujandon.com revealed that Aliko Dangote in anticipation of his $19 billion refinery launch, share a post on his social media account.

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 elated followers reacted.

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