Olusegun ARIYO
Some Nigerian filling stations have shut down over the premium motor spirit price speculation hike
Check reveals Total, Emedab, and other filling stations are closed.
When Urban Express News contacted 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, told our Correspondent that the association will monitor the situation.
A genuine petrol retailer can’t shut a station over price speculation, because prices can change to their disadvantage. However, we are going to monitor the situation,” he said.
This comes amid the resurgence of a 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 had 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 litre.
Meanwhile, fuel prices have remained flat on Thursday in most filling stations in Abuja and environs at N1155 and N1299 per litre.
In the last three to four weeks, retail pump prices have dropped by at least N125 per litre, 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.
