Various filling stations across Nigeria have halted operations following rumors of potential increases in the cost of premium motor spirit. Observations made on Thursday morning confirmed that outlets including Total and Emedab were not serving customers.
Billy Gillis-Harry, who serves as the national president of the Petroleum Products Retail Outlets Owners Association of Nigeria, stated that legitimate retailers do not typically close their businesses based solely on speculation. He noted that such shifts in pricing can actually be disadvantageous for the retailers, though he confirmed the association is keeping a close watch on the developments.
The unease follows a recent rise in global crude oil values, triggered by renewed tensions in the Middle East after United States airstrikes resumed. Following the end of the ceasefire between the U.S. and Iran, Brent and West Texas Intermediate oil prices rose by more than 4 percent, reaching $77 and $73 per barrel respectively. As a result, domestic depot owners raised prices for diesel and automotive gas oil by 3 percent to N1,450 per liter.
Despite these fluctuations, fuel costs at most Abuja stations held steady on Thursday, ranging between N1155 and N1299 per liter. The Independent Petroleum Marketers Association of Nigeria recently noted that pump prices have fallen by approximately N125 per liter over the past month. Additionally, the Dangote Refinery recently introduced free product delivery at a rate of N1075 per liter across select states and the Federal Capital Territory.
