The recent decision by the Dangote Petroleum Refinery to suspend the sale of petroleum products in naira has triggered panic buying among filling station operators.
Some fuel retailers have begun stockpiling Premium Motor Spirit, anticipating a price increase due to the Federal Government’s failure to continue crude oil sales to the refinery in local currency. This move has raised concerns about possible fuel scarcity and hoarding in the downstream petroleum sector.
Following the Dangote refinery’s announcement, the cost of loading petrol at private depots in Lagos surged to about N900 per litre, up from less than N850 per litre before the decision. Independent marketers have reacted by purchasing and storing large volumes of fuel, expecting higher resale profits should prices rise further.