Some Nigerian filling stations have shut down over speculation of a petrol price hike following a resurgence in crude oil prices. Total, Emedab, and other stations were observed closed on Thursday morning.
PETROAN National President Billy Gillis-Harry said genuine retailers will not close over price speculation but promised to monitor the situation. The shutdown comes as crude oil prices surged over 4% after US President Donald Trump announced the ceasefire with Iran had ended.
Brent and WTI rose to $77 and $73 per barrel respectively. Depot owners increased diesel prices by 3% to N1,450 per litre. However, pump prices remained flat at between N1,155 and N1,299 per litre in Abuja.
Key Points:
Fuel price speculation is creating uncertainty and panic among marketers
Crude oil price volatility could reverse recent price reductions of over N125 per litre
Geopolitical tensions in the Middle East are impacting global energy markets
Consumers face potential price increases after enjoying recent drops
Dangote Refinery’s free delivery at N1,075 could stabilise prices
The situation remains fluid. PETROAN is monitoring the shutdowns while crude oil volatility continues. Nigerians should watch for official price announcements in the coming days.
Sources: Daily Post, PETROAN, Dangote Refinery
