The pump price of petrol, also known as Premium Motor Spirit (PMS), skyrocketed to N1,200 per litre in Abakaliki, the capital of Ebonyi State.

This increase came after President Bola Tinubu announced the removal of subsidy on the product.

The exorbitant prices caused panic buying among residents, with many filling stations being closed or under lock.

The situation led to frustration and arbitrary hoarding of fuel by marketers. Residents expressed their concerns over the sudden price hike, as petrol was being sold between N800 and N1,200 per litre, far exceeding the previous price of N230 per litre.

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Black market operators took advantage of the situation, selling fuel at even higher prices of N1,500 per litre.

The Petroleum Dealers Association in Ebonyi State reportedly ordered the closure of fuel stations, while residents appealed to Tinubu to address the issue and mitigate panic buying and hoarding.

Efforts to reach the association’s chairman for comment were unsuccessful.