BREAKING: Panic buying rocks petrol stations after President Tinubu announce fuel subsidy removal

Panic buying of petroleum products, otherwise known as pms on Monday rocked some petrol stations in Lagos, particularly Ikeja and Alausa immediately fuel subsidy as announced by President Bola Ahmed Tinubu.

Fuel stations that began witnessing queues immediately, are some Nigerian National Petroleum Corporation, NNPC, when Tinubu said, “fuel subsidy is gone”.

Motorists crowded the stations scrambling to buy petroleum products, while some private stations halted sales of petroleum product at the time our correspondent went round to observe developments.

Tinubu who was inaugurated on Monday in his address at the Eagle Square to the nation announced the removal of fuel subsidy, saying that there was no provision for it in the budget.

He said, “Fuel subsidy is no more. Subsidy can no longer justify its ever-increasing costs in the wake of drying resources.

“We shall instead re-channel the funds into better investment in public infrastructure, education, health care and jobs that will materially improve the lives of millions.
“No provision for fuel subsidy.”

He said there would be a “thorough house cleaning,” adding that the interest rate would be reduced.