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BREAKING: Fuel scarcity looms as filling stations shut over petrol price hike speculation
Checks by VERY NIGERIAN on Thursday morning showed that outlets operated by Total, Mobile, and several other marketers were temporarily closed.
Some filling stations across Nigeria have shut their doors amid speculation of a possible increase in the pump price of Premium Motor Spirit (petrol), raising fears of fuel scarcity.
Checks by VERY NIGERIAN on Thursday morning showed that outlets operated by Total, Mobile, and several other marketers were temporarily closed.
Reacting to the development, the National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Billy Gillis-Harry, said genuine fuel retailers should not shut down operations based on speculation about possible price increases.
According to him, marketers also risk losses if prices move against their expectations.
“It is not possible for a genuine petrol retailer to shut a station over price speculation because the price can also change to their disadvantage. However, we are going to monitor the situation,” he told VERY NIGERIAN.
The development comes as global crude oil prices climbed sharply following renewed tensions in the Middle East.
United States President Donald Trump announced that the ceasefire with Iran had ended, triggering fresh concerns over global oil supply.
As a result, Brent crude and West Texas Intermediate (WTI) crude rose by more than four per cent to about $77 and $73 per barrel respectively, up from $72 and $68 recorded the previous day.
The volatility in the international oil market also prompted depot owners in Nigeria to increase the ex-depot prices of petroleum products by about three per cent, with petrol and diesel prices rising to around ₦1,450 per litre.
Despite the developments, pump prices in most filling stations across Abuja and its environs remained unchanged on Thursday, selling between ₦1,155 and ₦1,299 per litre.
Industry stakeholders noted that petrol prices had declined by at least ₦125 per litre over the past three to four weeks, according to the Independent Petroleum Marketers Association of Nigeria (IPMAN).
Meanwhile, Dangote Refinery on Wednesday announced the commencement of free delivery of petrol at ₦1,075 per litre across five states and the Federal Capital Territory, Abuja, as part of efforts to improve product distribution.
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