Some filling stations across Nigeria have reportedly shut down operations following speculations of an imminent increase in the price of Premium Motor Spirit (PMS), popularly known as petrol.
Checks by DAILY POST correspondents on Thursday morning showed that some outlets belonging to Total, Emedab and other filling stations were closed to motorists.
Reacting to the development, the National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Billy Gillis-Harry, said legitimate fuel retailers would not shut their stations based on mere speculation about price adjustments.
Gillis-Harry, however, said the association would continue to monitor the situation to determine the cause of the closures.
“It is not possible for a genuine petrol retailer to shut a station over price speculation because price changes can work against them. However, we are going to monitor the situation,” he said.
The development comes amid renewed volatility in global crude oil prices following the resumption of airstrikes between the United States and Iran in the Middle East.
US President Donald Trump had announced the end of the ceasefire between both countries, triggering a rise in international crude prices.
Following the development, Brent crude and West Texas Intermediate (WTI) prices reportedly rose by more than four per cent, climbing to about $77 and $73 per barrel respectively, from $72 and $68 per barrel recorded the previous day.
The increase in global oil prices
also led some Nigerian depot owners to raise the prices of Automotive Gas Oil (AGO), commonly known as diesel, by three per cent to about N1,450 per litre.
Despite the uncertainty, petrol prices remained stable on Thursday in most filling stations across Abuja and its environs, selling between N1,155 and N1,299 per litre.
The Independent Petroleum Marketers Association of Nigeria (IPMAN) had earlier disclosed that petrol pump prices had reduced by at least N125 per litre in the last three to four weeks.
Meanwhile, Dangote Refinery on Wednesday announced free delivery of petrol products priced at N1,075 per litre in five states and the Federal Capital Territory, Abuja, as part of efforts to reduce distribution costs and ease pressure on consumers.
Samuel Agada is a writer and media contributor from Olamaboro Local Government Area of Kogi State, Nigeria. He is a graduate of Biochemistry from the University of Jos and a former banker with GTBank and FCMB. A prolific writer, songwriter, educator, and Gospel preacher, he is passionate about informing, inspiring, and impacting society through his work.