The Independent Petroleum Marketers Association of Nigeria on Friday said that filling stations in Lagos were not selling fuel because of the uncertainty of the new pump price.
NAN reports that the Petroleum Products Marketing Company had adjusted the ex-depot price of Premium Motor Spirit , also known as petrol, from N147. 67 to N155.17 effective Nov. 13. Others, especially those owned by independent marketers, were not opened for business thereby creating fear of fuel scarcity among motorists and residents of the areas.However, Okoronkwo told NAN that there was no need for panic buying because the move was based on the price notation to marketers by the PPMC.“Now people will like to know whether that is true from the source so that they will not sell at a loss.
He said: “We know this was bound to happen as the price is now determined by market forces but it will be beneficial to the country in the long run.
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