Nigeria, March 24 -- Reports indicate that some filling stations have begun stockpiling Premium Motor Spirit, otherwise known as petrol following Dangote Petroleum Refinery's suspension of the sale of petroleum products in naira.

It was gathered that retailers are storing the fuel in anticipation of price increases, expecting costs to go up due to the Federal Government's decision to stop selling crude oil to Dangote Refinery in local currency.

However, the Independent Petroleum Marketers Association of Nigeria (IPMAN) has warned against panic buying, stressing that retailers could suffer significant losses.

Recall that last week, the Dangote refinery announced that it had temporarily halted the sale of petroleum products in naira as t...