LAGOS, Dec. 26 (Xinhua) -- The Nigerian government on Tuesday denied media reports that it plans to increase fuel prices in 2018.

Vice President Yemi Osinbajo, who gave the assurance during his visit to fuel depots in Lagos, Nigeria's economic hub, said the fuel scarcity facing the country is a result of shortage of supply to depots across the country.

He said any marketer who hoarded petroleum products for the purpose of making extra profit would be dealt with by the enforcement agency saddled with the responsibility of regulating the sector.

"We hope that in the next couple of days, we would be able to end the fuel queues," Osinbajo told reporters.

The vice president had on Christmas Eve made an unexpected stopover at some filling stations in Lekki and other parts of Lagos Island to assess the fuel situation.

According to him, the government is doing everything possible to quickly resolve the fuel shortage experienced by Nigerians.

President Muhammadu Buhari had on Sunday sympathized with Nigerians over their suffering occasioned by the scarcity of petrol across the country.

Buhari said he had already directed the regulators to step up their surveillance and bring an end to hoarding of the product and price inflation by marketers.