Petroleum marketers on Tuesday adjusted fuel prices across several fuel stations in Lagos and the federal capital territory FCT, Abuja.
The hike in the Premium Motor Spirit (PMS) comes months after the president in his inaugural address on May 29, Bola Tinubu removed the fuel subsidy from about N200 to over N500 at over 200 per cent difference.
According to reports, many Nigerian National Petroleum Company Limited (NNPCL) fuel stations in Abuja are selling for N617 per litre and N568 in Lagos, the nation’s commercial nerve.
The News.NG observed that most filling stations around the FCT, which has resulted in panic buying with other fuel stations closed down.
Our reporter observed long queues at the NNPC fuel station in the Die Dei area of Abuja, with numerous drivers scrambling to buy the product.
When contacted, Rachel Ishaya, staff at the Nigerian Midstream and Downstream Petroleum Regulatory Authority NMDPR said the agency no longer fixes fuel prices.
“As you know, with the removal of subsidy, the NMDPRA no longer fixes or determines the price of petrol being sold. As such I cannot confirm the accuracy of the price.