Fuel Scarcity: FG assures Nigerians of adequate petrol supply

The Nigerian government has cautioned Nigerians not to engage in panic buying of petrol, saying it has sufficient product in the country.

Heineken Lokpobiri, Minister of State for Petroleum Resources (Oil) disclosed this in a statement posted on his X handle on Thursday.

Mr Lokpobiri explained that President Bola Tinubu is deeply concerned about the hardship Nigerians are facing, noting that a meeting was held with Vice President Kashim Shettima, reflecting on the current fuel situation across the country.

“We want to reassure the public that there is sufficient fuel supply in the country, and by the weekend, we expect products to be available nationwide.

“While prices may vary in different regions, we believe that once distribution stabilises, prices will regulate naturally. It’s important to emphasise that the government is not fixing prices, as the sector is deregulated,” Mr Lokpobiri said.

He said there is no need for panic buying, as supply is adequate.

“Our primary message to Nigerians is that we are working hard to ensure that the situation normalises quickly, and prices will stabilise as product availability improves,” he added.

In recent months, fuel scarcity has hit major cities across Nigeria, with attendant effects on businesses and households.

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This has also prompted commercial bus drivers to increase their fares in major towns and cities, including the nation’s capital. As a result, black marketers have made brisk business selling to willing buyers at higher prices ranging from N1,000 to N1,200.

On Tuesday, NNPC Ltd adjusted the pump price of petrol to N897 from N617 as motorists and commuters grumbled amid the uncertainty. Other independent stations have also adjusted their pump prices, in some instances above N900 per litre.