Following the recent increase in the price of Petroleum Motor Spirit , known as petrol, as a result of the removal of subsidy, Lagos State government on Friday advised residents of the State against panic buying and hoarding of fuel.
Speaking to journalists during the exercise, Dr. Hamzat said there is no need for panic buying and hoarding of fuel as marketers have assured the government of the availability of fuel in the state. He said: “In terms of volume, according to the managers of fuel stations visited, we have enough so there is no need to rush to buy. There is no need to patronise black marketers.
“Don’t patronise black marketers. The bottom line is very simple because there is no regime of fuel subsidy again. People don’t have the incentive to hoard anymore. It was sold for N185 in Nigeria and the Republic of Benin selling for N650, that is why we claim the volume is high, so the volume will crash.”
He said: “There are 48,000km of borders in Nigeria, even if you deploy the military, the Navy, people will steal because we are talking of market, we are subsidising fuel for other countries. The Deputy Governor also noted that the government is aware of the effect of the removal because it will affect transportation prices and commodities but in the long run, things will get better.
Source: Car News Wire (carnewswire.net)
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