Some filling stations across Nigeria temporarily shut their outlets on Thursday following speculation over a possible increase in the pump price of Premium Motor Spirit, PMS.
Checks on Thursday morning showed that outlets operated by Total, Emedab and some other marketers were not dispensing petrol.
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 have no reason to close their stations because of speculation over possible price adjustments.
He, however, said the association would closely 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 said.
The development comes amid renewed volatility in the global oil market following reports of resumed hostilities in the Middle East.
United States President Donald Trump had announced that the ceasefire between the United States and Iran had ended, triggering a fresh surge in international crude oil prices.
Brent crude and West Texas Intermediate rose by more than four percent to about 77 dollars and 73 dollars per barrel respectively, up from 72 dollars and 68 dollars recorded the previous day.
Following the increase in crude prices, Nigerian depot owners reportedly raised the price of automotive gas oil, also known as diesel, by about three percent to N1,450 per litre.
Despite the developments, petrol prices at most filling stations in Abuja and surrounding areas remained unchanged on Thursday, selling between N1,155 and N1,299 per litre.
In the past three to four weeks, the retail pump price of petrol had declined by at least N125 per litre, according to the Independent Petroleum Marketers Association of Nigeria, IPMAN.
On Wednesday, Dangote Refinery announced the commencement of free delivery of its petrol products at a gantry price of N1,075 per litre across five states and the Federal Capital Territory, Abuja.
