The government has also ended fuel subsidies that kept petrol prices artificially low -- but inflation has rocketed
IBTimes NG

Minister of State for Petroleum Resources Heineken Lokpobiri has warned the public against panic buying of petrol, assuring them there was enough for everyone in the country.

Lokpobiri took to X on Thursday to explain that President Bola Tinubu was worried about the difficulties Nigerians were experiencing, revealing that a meeting was held with Vice President Kashim Shettima to discuss the current fuel situation.

"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 stabilizes, prices will regulate naturally," Lokpobiri said.

He explained that the government wanted to make it clear that it was not controlling petrol prices because the sector was deregulated.

The government was working hard to quickly resolve the situation, and prices will stabilize, as the availability of petrol improved, Lokpobiri added.

The statement came one day after the Nigeria Labor Congress (NLC) expressed anger at the federal government's decision to increase petrol prices at the Nigerian National Petroleum Company (NNPC) fuel stations, calling the situation "traumatic and nightmarish."

Earlier this week, the NNPC had raised the price of petrol from N617 to N897 per litre, causing complaints from motorists and commuters. Some independent stations have also increased their prices with some charging over N900 per litre.

The NLC president also criticized the government's handling of the fuel subsidy issue, saying the labor movement had predicted the problems, but they were dismissed by the officials, who claimed they didn't understand basic economics.

Last month, NNPC vowed to end petrol queues and denied they owed $6.8 billion to international oil traders, as fuel shortages continued in Abuja, Nasarawa, Niger, and nearby states. The queues at the Northwest filling station near Gbagada stretched to the West End bus stop along the Gbagada-Oworonshoki Expressway.

NNPC is the only company importing petrol to Nigeria. Other dealers have stopped importing petrol because they cannot access the U.S. dollars needed for the imports.