The explosion at the West African nation's main oil terminal rocked the Kaloum administrative district in downtown Conakry, blowing out the windows of several nearby homes and forcing hundreds to flee, according to a Reuters witness.
The head of civil protection, Jean Traore, said 88 people were injured. He earlier gave a death toll of 11.
Firefighters had largely contained the blaze by Monday afternoon. Earlier, a massive fire and billowing black smoke were visible from miles away, as several tanker trucks left the Conakry depot, escorted by soldiers and police.
The extent of the damage to the terminal was unclear.
The origin of the fire was unknown, and an investigation would be launched to determine what caused it and any parties responsible, the government said in a statement.
It said the scale of the incident "could have a direct impact on the population," but did not elaborate.
Guinea is not an oil producer and has no refining capacity. It imports refined products, mostly stored in the Kaloum terminal and distributed via trucks across the country. The country has a small oil depot at the port in Kamsar, north of Conakry, which is mostly used by mining firms.
Workers, excluding defense, security and medical personnel, were advised to stay at home. Schools and most gas stations were also closed.
Concerns over a potential fuel shortage prompted residents in the town of Mamou, around 260 km from Conakry, to besiege gas stations.
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