The Lagos State Government has advised residents and motorists to desist from panic buying of Premium Motor Spirit (PMS) also known as petrol caused by planned removal of subsidy.
Dr Obafemi Hamzat, Deputy Governor of Lagos state gave the advice on Friday at the monitoring exercise of some petrol stations on Lagos Island and its environs.
The monitoring was to ascertain the prices and availability of the products.
President Bola Tinubu on in his inaugural speech on May 29, said the outgoing administration made no provision for fuel subsidy in the 2023 budget.
The President said that his administration would remove subsidy as it could no longer justify its ever-increasing costs in the wake of drying resources.
NAN reports that at the NNPC Mega station, Kingsway Raod, Ikoyi, petrol was being sold at N488.00 per liter, while motorists are on queue to purchase the product.
The Station Manager, Mr 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 PMS 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, Mr Isa Mohammed told the deputy governor that there was regular supply of PMS.
The manager also added that there was no need for panic buying while advising motorists to be patient with the new administration.
