Panic buying in Lagos, Abuja as filling stations maintain old petrol price

Many filling stations have not adjusted to the new pump price of petrol despite the new pricing template released by the Petroleum Products Pricing Regulatory Agency (PPPRA).

But there is panic buying of petrol in some filling stations in the federal capital territory (FCT) and Lagos.

TheCable observed that some filling stations in Lagos were shut.

The PPPRA announced an increase in the expected retail price of petrol on Thursday.

In the petrol pricing template published on its website, the PPPRA said the recommended retail price is between N209.61 and N212.61 per litre.

But checks by TheCable showed most filling stations are yet to adjust to the new price.

At filling stations in the FCT, the price of petrol hovered around N162/N163 per litre.  A.Y.M Shafa, Oando and A.A Rano are some of the filling stations selling at this price.

In Lagos, Enyo station at Igando sells at N165 per litre. But some filling stations in the city are closed.

TheCable visited the NNPC filling station at Dopemu area of Lagos and witnessed as the gate was shut.

The station manager told TheCable: ”We have to close right now because no one is sure of what is going on. Everyone is sceptical , so, we have to wait until they clear everything.”

The AP filling station at Lagos-Abeokuta expressway was also locked.

TheCable learnt that petrol depots are closed and marketers are not lifting the product because of the uncertainty over pricing.