Wed. May 29th, 2024

Nigeria’s state-owned oil company has warned against the panic buying of petrol, saying the prices of fuel are not changing.

On Thursday, long queues returned at petrol stations in the capital, Abuja, and the neighbouring Nasarawa and Niger states over fuel scarcity.

The Nigerian National Petroleum Company (NNPC) in a statement said the limited availability of petrol was a result of logistical problems.

However, the company said the challenge had been fixed.

It urged Nigerians to avoid panic buying as “there is a sufficiency of [fuel] products in the country”.

Nigeria, Africa’s biggest economy and oil producer, had subsidised fuel for decades to keep pump prices affordable.

But President Bola Tinubu removed the subsidies as part of wider reforms to stabilise the economy, pushing prices to triple.

By Joy

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