Nigeria is grappling with fuel shortages, as winding queues have started forming at filling stations across major cities.
This comes a day after president President Bola Tinubu announced fuel subsidies in his inaugural speech on Monday.
According to local news reports, most filling stations were closed while others that were opened were selling above the approved pump price with a long queue of customers.
Earlier in the morning before the news of the removal went round, the filling stations were selling at their different rates, but some closed down while others increased their prices by evening.
Some customers had told newsmen they envisaged scarcity of fuel, hence the panic buying.
On social media, many Nigerians had posted videos of filling stations already increasing prices, in some cases by more than 200%.
Some drivers of private buses, which many Nigerians rely on to get around, have also been unable to fill up their vehicles.
This has left people stranded at major bus stops in the capital, Abuja, and the country's biggest city, Lagos.
While the state oil company insists there is sufficient fuel supply, and advises against panic buying, some Nigerians have expressed frustration about the scarcity.
In his inaugural speech, president Tinubu explained that the fuel subsidy was scrapped due to budgetary allocations, emphasizing that the system predominantly benefited the wealthy and had become increasingly costly to maintain.
One of the major petroleum marketing associations has come out to say it does not support President Tinubu's plan. It said the new government should begin a dialogue before taking the decision, local media reported.