Subsidy: FG Warns Oil Marketers Against Hoarding Of Petrol

The Federal Government has warned oil marketers across the country to desist from hoarding petrol.

It also warmed Nigerians against panic buying of Premium Motor Spirit.

Fuel queues had resurfaced in most petrol stations in the heat of the proposed fuel subsidy removal raising concerns of an imminent price hike.

The Nigerian National Petroleum Company Ltd had made several attempts to allay the fears and panic among Nigerians that led to the queues.

The Minister of State for Petroleum Resources, Timipre Sylva said on Tuesday during a briefing on the status of the Federal Government’s plan on Premium Motor Spirit Subsidy that the queues were not natural.

According to him, some people were hoarding as a hedge in case the government continues with its proposed fuel subsidy removal.

Sylva explained, “I also noticed last night, I remember very well when I was passing by a filling station. I noticed some queues building but this is not unnatural when people are expecting a certain policy direction.

“People tend to want to take steps against it, some want to profiteer and of course they try to begin to hoard. Some people also want to make sure that they stock enough PMS in their homes, so that whenever there is this announcement, they will be able to have enough in storage.

“So, all that will inform the reason for this panic buying and of course panic hoarding. But that is why the government has to come out to make things very clear to you that this is not on the cards.

“We are not contemplating this policy direction. That’s why we want to just ensure that our people know that they can just remain calm and don’t have to hoard or do any panic buying. That we don’t intend to remove subsidies now and so that’s why we are making this announcement at this point.”