Premium Motor Spirit, PMS, otherwise known as petrol, is now being sold above N500 in the Federal Capital Territory, Abuja and other parts of the country.
The development is not unconnected to the planned removal of fuel subsidy by President Bola Tinubu.
Recall that the newly inaugurated Nigerian president had, during his inaugural speech, said the country can no longer subsidize the product for the citizens.
The move, which is currently generating controversies, has stimulated the hoarding of fuel by marketers, causing queues in stations.
DAILY POST gathered on Wednesday that the few stations dispensing the product to customers are selling at the rate of N500 and above.
Similar situations have been reported in many other parts of the country.
Business Day had earlier reported that the Nigerian National Petroleum Corporation Limited, NNPC, has effected different pump prices for different cities ranging from N515 to N557.