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Possible fuel subsidy removal triggers panic buying

botchway April 15, 2019

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.

However, despite the panic buying and the likely plunge into another round of fuel crisis, the Nigerian Association for Energy Economics, NAEE, has insisted that subsidy on petroleum products should be completely eliminated.

Credit: vanguardngr.com

 

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