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Following the Dangote Petroleum Refinery’s suspension of the sale of petroleum products in naira, some filling stations have started stockpiling Premium Motor Spirit, otherwise known as petrol, kpakpando reports.
The retailers are storing the product to ensure they have enough to sell at a higher rate, having projected that the price of petrol would go up soon as a result of the failure of the Federal Government to continue the sale of crude oil to the Dangote refinery in the local currency.
However, the Independent Petroleum Marketers Association of Nigeria warned these retailers to stop panic buying as they may run into heavy losses.
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