By Modupe Gbadeyanka
Nigerians have been cautioned against rushing to buy premium motor spirit (PMS), otherwise known as petrol, with the purpose of storing it in anticipation of scarcity.
This warning was given by the Nigerian National Petroleum Company (NNPC) Limited on Monday, shortly after President Bola Tinubu announced the removal of the fuel subsidy.
Addressing newsmen, the group chief executive of the NNPC, Mr Mele Kyari, said there was no need for panic buying of the product because the nation has enough to last a few months.
He said the organisation was fully behind the federal government’s decision to stop paying subsidy for petrol, noting that it was the right time for consumers to start purchasing fuel at its true value.
According to him, this action would enable the NNPC to free up funds for optimal operations, as the removal would lift a burden on its cash flow.
“We welcome the decision of Mr President to announce that the subsidy on PMS is over. This has really been a major challenge for NNPC’s continued operations.
“We have been funding the subsidy from the cash flow of the NNPC since the government is unable to pay the cost of subsidy due to the company.
“We believe that this will free resources for the NNPC to do the great work that this company will do for our country, and it allows us to function as a commercial entity.
“We will like to assure Nigerians that we have a sufficient supply of petroleum products, particularly petrol, and there is no reason to panic. We understand that people will be scared of the potential changes to the price of petrol, but that is not enough for people to rush to fuel stations to buy more than what they need.
“We want to assure them that we are watching all the distribution networks and support facilities, and we believe that normalcy will be restored very soon,” Mr Kyari said.
Queues resurfaced across the country yesterday shortly after President Bola Tinubu announced that the fuel “subsidy is gone.”
