The pump price of Premium Motor Spirit (PMS), popularly called petrol, on Tuesday, increased to N1,200 per litre in Abakaliki, the Ebonyi State capital, following the declaration of the removal of subsidy on the product by President Bola Tinubu.

Scores of residents, who decried the high cost of petrol in the country, said they have since been engaged in panic buying.

Some residents were also seen with their cans as many filling stations were under lock.

A resident, Darlington Okeke, said panic buying was occasioned by Tinubu’s statement during his inauguration on Monday.

Okeke stated that petrol in filling stations was sold between N800 and N1,200, against N230 per litre.

Another resident, Ibrahim Ali, said black marketers sold a litre of fuel for N1,500, adding that the development was causing panic buying and frustration among residents.

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

Meanwhile, staff of some filling stations, who spoke under condition of anonymity, disclosed that the management of the Petroleum Dealers Association, Ebonyi State chapter, ordered the closure of fuel stations.

“We are waiting for further directives,” they told NAN.

Efforts to speak with the state chairman of the association, Sailas Njaka, on the development were not successful. (Daily Trust)