The Federal Government’s announcement that it would undertake a gradual phase out of fuel subsidy, weekend, triggered panic buying of Premium Motor Spirit, PMS, also known as petrol, across some states of the federation.
The Minister of Finance, Zainab Ahmed, who announced the decision of the Federal Government, was reacting to a recommendation by the International Monetary Fund, IMF, calling on Nigeria to end subsidy on petroleum products.
Irrespective of multiple assurances by the Nigerian National Petroleum Corporation, NNPC, that it has over one billion litres of petrol in its depots and guaranteed steady product supply throughout April, the fuel queues started building up across petrol station in Abuja and Lagos since Friday afternoon.
Compared to Friday when the queues were a bit heavy, as at Saturday, a few petrol stations were shut down, while in the ones selling, slight queues were recorded.
Opposite the , NNPC headquarters in Abuja, at the Conoil and Total petrol stations in the Central Business District, slight queues were recorded while black market operators were seen beckoning on motorists for patronage.