He said he sympathises with Nigerians for having "endured needless fuel queues".
In a statement issued on Sunday, December 24, 2017, Buhari assured that the Nigerian National Petroleum Corporation (NNPC) is on top of the situation.
He said he has directed regulators in the oil and gas industry to step up their surveillance and bring an end to hoarding and price inflation of petroleum products by marketers.
The President said, "The fuel scarcity being experienced nationwide is regrettable. I sympathise with all Nigerians, on having to endure needless fuel queues. I'm being regularly briefed, especially on the NNPC's interventions to ensure that there is enough petrol available during this period and beyond.
"I have the NNPC's assurance that the situation will improve significantly over the next few days, as new shipments and supplies are distributed across the country.
"I have also directed the regulators to step up their surveillance and bring an end to hoarding and price inflation by marketers."
He thanked Nigerians for their patience and understanding, assuring that the relevant agencies will continue to provide updates on the situation.