Queues returned to filling stations across the country on Monday following President Bola Tinubu’s announcement of the removal of fuel subsidies.

After Tinubu’s inaugural address, long queues emerged at filling stations, and fuel price went up.

On social media, Nigerians lamented the situation, and shared prices of fuel per litre in filling stations around them.

FIJ found that in several states across the country, Nigerian residents were purchasing fuel for inflated prices.

Meanwhile, Mele Kyari, Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company (NNPC), in a conversation with pressmen on Monday evening, said subsidy would be removed by June 30.

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He blamed the queues on panic buying.

FIJ approached the Independent Petrol Marketers Association of Nigeria (IPMAN) for comments on the queues and inflated prices.

In a telephone interview with FIJ on Tuesday morning, Mohammed Kukuwu, IPMAN Chairman, said he was not aware filling stations were selling fuel for inflated rates.

Zarma Mustapha, IPMAN Deputy Chaiman, told FIJ the union was not in support of inflated prices. He said, “We don’t condone that, we completely condemn it, and we are not in support of such outrageous hike because it will have negative effects on the common man.”

On whether there would be sanctions, Mustapha said, “Yes, we have a way of sanctioning some of our members in collaboration with regulatory agencies. As far as I know, IPMAN are selling the product for ₦200 to ₦230.”

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Mustapha explained to FIJ that marketers usually purchase fuel from depots, but these depots have run low on supply for about a week.

Another IPMAN insider, who asked not to be named as he was not authorised to speak with the press, told FIJ the depots had not supplied fuel for over two weeks.

Both men maintained that despite the low supply, the depots did not increase fuel price at the source.

“As far as I am concerned, there has been no price increase at the source depots,” Mustapha continued. “I see no reason why the price should skyrocket. There might be queues, but it might be because or panic buying.

“June has not started yet, but people have started panicking. People are buying to profit from the marketers.”

The insider corroborated Mustapha’s position on the scarcity of the product, and said regardless of Tinubu’s speech, there would be scarcity.

“You know our president has spoken about fuel subsidy, but the depots, for the past two weeks, have not supplied the product,” he said. “Many of the depots in Lagos, Owerri, Port-Harcourt and co do not have fuel.

“Even without our president, from now till four to five days from now, there would be no product. Tell anybody this.”

He said he had received information that in Borno State, fuel was selling for ₦230 per litre, and not for higher, unlike what was experienced in other parts of the country.