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The price of Premium Motor Spirit otherwise known as petrol went as high as N700 per litre in some parts of Anambra State on Tuesday as residents resorted to panic buying.
This comes in the wake of the announcement of the subsidy removal by President Bola Tinubu during his inauguration Monday.
It was gathered that while most of the filling stations within the metropolis had shut their doors since Friday in anticipation of the new price regime, the few ones that sold the commodity witnessed long queues, with some of them selling for between N250 and N350 per litre before the announcement of the subsidy removal.
Although, petrol stations in major cities of Onitsha, Nnewi, Ekwulobia and some parts of Awka remained shut as a result of the May 30 sit-at-home declared by the Indigenous People of Biafra to mark Biafra Day.
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Some of the few residents, who defied the sit-at-home order resorted to panic buying as they buy the product between N500 to N700 from black market dealers.
Also, the few tricycle operators which defied the sit-at-home hiked their fares by up to 100 percent as distances that were hitherto N100 became N200 as a result of the development.
