NNPC Advises Nigerians against Panic Buying, Ensures No Fuel Scarcity Despite Tinubu’s Subsidy Removal

In response to President Bola Ahmed Tinubu’s declaration on the removal of fuel subsidy, the Nigerian National Petroleum Company Limited (NNPCL) has issued a statement cautioning Nigerians against engaging in panic buying while assuring them of an uninterrupted fuel supply. The President, in his inaugural address on May 29, 2023, stated that the 2023 budget did not allocate funds for fuel subsidy, rendering any further payments unjustifiable.

Following the President’s announcement, reports emerged of some filling stations in Lagos and Abuja closing their doors, while others witnessed long queues of vehicles and individuals eagerly waiting to refill their tanks and containers.

Addressing the public in an emergency press conference at the NNPC Towers in Abuja, the NNPCL urged Nigerians to refrain from panic buying, emphasizing that the subsidy removal was in the best interest of the company. Mele Kyari, the GCEO of NNPC, acknowledged that subsidizing petroleum products had posed significant challenges to the company’s operations. He expressed optimism that this decision would free up resources, allowing NNPC to function more effectively as a commercial entity.

Regarding the current queues and scarcity being experienced, Kyari reassured Nigerians that an ample supply of petroleum products, particularly petrol, was guaranteed. He disclosed that the company currently had over 30 days’ worth of petrol storage and supply available. Kyari emphasized that there was no need for panic, acknowledging people’s concerns about potential price fluctuations but urging them not to purchase more fuel than necessary.

Furthermore, he underscored NNPC’s role as the supplier of last resort, as mandated by the Petroleum Industry Act (PIA). The company remains committed to ensuring the availability of petrol and other petroleum products nationwide. Kyari also mentioned that NNPC Ltd. was diligently monitoring all distribution networks to ensure compliance with their standards.

In conclusion, the NNPC advises Nigerians to remain calm and avoid panic buying, as they can rely on the company’s efforts to maintain a steady supply of petrol and other petroleum products. By removing the subsidy, NNPC aims to address the financial challenges it faces and continue operating efficiently as a commercial entity.