The Group Chief Executive Officer of Nigerian National Petroleum Corporation, Mele Kyari, on Monday, said he backed President Bola Tinubu over his decision to stop fuel subsidy, assuring Nigerians that there is no need for panic buying.
In his inaugural speech on Monday, the President said since the immediate past President, Muhammadu Buhari, did not budget for fuel subsidies in the second half of the year, the payment is gone for good.
In a knee-jerk reaction to the confirmation of fuel subsidies removal, marketers and operators have increased petrol pump price to N210-N500 per litre.
Kyari noted that the company had enough product to supply the country for the next 30 days and was monitoring its supply and distribution networks around the country.
Meanwhile, in a statement, the Nigeria Union of Petroleum and Natural Gas Workers, NUPENG, urged Tinubu to apply caution in its decision on fuel subsidy removal.
The President and the General Secretary Prince Williams Akporeha and Afolabi Olawale, respectively, said the new administration must take its time to end fuel subsidies.
“Any major policy decision on the removal of the subsidy on this essential economic item should be taken with extra caution given the enormous implications and the impacts on the overall economic activities of the nation and other unintended consequences on the ordinary citizens considering the socio-economic importance of the product,” he said.
A check on Monday evening around the Nation’s capital showed that long queues are back as residents buy fuel for 210/per litre against N195/per litre. However, some filling stations in Kubwa expressway, Lugbe still sell fuel at N195/per litre.
In Lagos, the sharp increase in fuel pump price is almost 100 per cent as Lagosians purchase the product for N370/per litre from 180/per litre.
These price changes happened less than six hours after Tinubu’s announcement during his inaugural speech at Eagle Square, Abuja.
Buhari had budgeted for fuel subsidies till the end of June, which implies that most fuel products available are still enjoying the subsidies regime.