The Lagos State Government has advised residents and motorists to desist from panic buying of Premium Motor Spirit (PMS), otherwise known as petrol, caused by the planned removal of subsidy.
The Deputy Governor of Lagos State, Dr Obafemi Hamzat, gave the advice while monitoring some petrol stations on Lagos Island and its environs on Friday, June 2.
The monitoring was to ascertain the prices and availability of the products.
At the NNPC Mega station, Kingsway Road Ikoyi, petrol was being sold at N488.00 per litre, while motorists were on queue to purchase the product.
The station manager, Ganiyu Abiola assured the deputy governor that there was enough petrol supply, adding that there was no need for panic buying.
The NNPC at Awolowo Road was also dispensing petrol at the regulated pump price.
Also, at Total Energies, Sura, Lagos Island, the sale of petrol was ongoing with long queues, while the station manager, Isa Mohammed, told the deputy governor that there was regular supply of PMS.
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The manager added that there was no need for panic buying, urging motorists to be patient with the new administration.
However, Total petrol station at Keffi Street in Ikoyi was not dispensing.
Addressing newsmen after the exercise, Hamzat acknowledged the ripple effect the price increase would cause but expressed optimism that it was in the best interest of all Nigerians.
He said: “The regime of fuel subsidy has ended and sadly, Lagos is always the epicentre of everything.
“Over 40 per cent of cars in Nigeria are in Lagos, therefore, whatever affects PMS also affects Lagos.
“The challenge is not about scarcity of fuel but the pricing that has been increased.
“Our duty as government is to make sure that there is no scarcity, so that the people do not engage in panic buying.”
The deputy governor stressed that Nigerians have suffered for long as a result of the petrol subsidy, adding that 87 per cent of Nigerians who could afford the price were the ones enjoying the subsidy at the expense of the 13 per cent of underprivileged people.
“We are spending trillions of naira on subsidising for the substantially rich people while 13 per cent of the population that are less-privileged suffer the inefficiency.
“This is no longer sustainable,” Hamzat stated.
Hamzat added that one of the challenges faced by the country was insufficient revenue to take care of the teeming population.
Speaking on the benefits of the removal of the fuel subsidy, the deputy governor assured that the petrol subsidy revenue if ploughed back into the system would enable government invest in other sectors of the economy.
He, therefore, assured Nigerians that the money saved from the removal of the petrol subsidy would be expended on education, health, security, and other sectors to enable Nigerians enjoy the dividends of democracy.
He expressed optimism that President Bola Tinubu would harness the revenue from petrol subsidy for other needs of the citizens.
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