Panic buying in Ebonyi over fuel subsidy removal

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

In separate interviews, the residents narrated in Abakaliki that the development was occasioned by the removal of fuel subsidies.

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

Okeke stated that the pump price of fuel in filling stations was 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 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 president's announcement.

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 the 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 were not successful.

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