Man accused of shooting murder denied bail

Anna Hitchings
AAP

A man accused of murdering Bill Panagakos in Sydney's inner west in 2014 will remain behind bars for at least another two months.

Mr Panagakos, 45, died from a gunshot wound on Railway Street in Petersham late on March 5, 2014.

Witnesses reported seeing two men running from the area.

Gazi Safarjalani, 36, was arrested at Auburn Police Station on Wednesday and charged with murder.

He did not apply for bail in a Burwood court on Thursday.

Police at the time said Mr Panagakos was known to them but they didn't believe the shooting was gang-related.

Fairfax on Thursday reported the killing was over drugs.

Safarjalani is due back in court on May 4.