Panic buying in Ebonyi over fuel subsidy removal

Residents of Ebonyi on Tuesday decried the high cost of Premium Motor Spirit (PMS), popularly known as fuel, in the country.

The residents, in separate interviews, told the News Agency of Nigeria (NAN) in Abakaliki that the development was occasioned by the removal of fuel subsidy.

Mr Darlington Okeke said panic buying was occasioned by the announcement by President Bola Tinubu, during his inaugural speech, of an end to subsidy regime.

Okeke stated that a pump price of fuel in filling stations was sold between N800 and N1,200, against N230.

Another resident, Mr Ibrahim Ali, said that black marketers sold a liter of fuel for N1,500.

Ali said the development was causing panic buying and frustration among residents.

He appealed to President Tinubu to address the situation to mitigate panic buying and arbitrary hoarding of the products, which marketers introduced after the announcement from the president.

Meanwhile, staff of some filling stations visited by NAN, speaking under condition of anonymity, alleged that management of the Petroleum Dealers Association, Ebonyi chapter, had ordered closure of fuel stations. 

“We are waiting for further directives,” they said.

 Efforts to speak with the state chairman of the association, Mr Sailas Njaka, over the development was not successful.

NAN reports that residents were seen with their cans as most fuel stations visited were under lock. (NAN)