Investigation has shown that filling station owners are currently in panic buying mood, as many of them are stockpiling products ahead of the announcement of a new pump price for petrol in August.

It was also gathered that the price of the commodity might increase to about N150/litre as the committee saddled with the task of fixing petrol price had been meeting and would make the new price public soon.

Marketers and officials of the Petroleum Products Pricing Regulatory Agency told newsmen in Abuja on Sunday that the rise in crude oil price in the international market could lead to an increase in petrol price.

They noted that since March this year, the cost of Premium Motor Spirit, popularly called petrol, had always been adjusted based on the global prices of crude oil.

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