Filling stations shut down over fuel price

News update

Some Nigerian filling stations have shut down over premium motor spirit price speculation hikes.

Checks by media correspondent on Thursday morning showed Total, Emedab, and other filling stations are closed.

In his reaction, the national president of the Petroleum Products Retail Outlets Owners Association of Nigeria, Billy Gillis-Harry, on the situation, he said genuine petrol retailers will not close their outlets over fuel price speculation.

He, however, said that the association will monitor the situation.

It is not possible for a genuine petrol retailer to shut a station over price speculation, because price can change to their disfavor. However, we are going to monitor the situation,” he told Journalists.

This comes amid the resurgence of hike in crude oil prices on Wednesday upon the resumption of airstrikes by the United States and Iran in the Middle East.

The US President, Donald Trump had announced that the ceasefire between his country and Iran has ended.

Crude oil prices, particularly Brent and West Texas Intermediate, immediately surged by over 4 percent to $77 and $73 per barrel, up from $72 and $68 per barrel the previous day.

Noticing the price volatility, depot owners in Nigeria quickly increased automotive gas oil and diesel prices by 3 percent to N1,450 per liter.

Meanwhile, fuel prices have remained flat on Thursday in most filling stations in Abuja and environs at N1155 and N1299 per liter.

In the last three to four weeks, retail pump price had dropped by at least N125 per liter, according to the Independent Petroleum Marketers Association of Nigeria.

On Wednesday, Dangote Refinery announced free delivery of its petrol product at N1075 per dollar in five states and the Federal Capital Territory, Abuja.