Speculation hikes in premium motor spirit price have forced some Nigerian filling stations to shut down.
It was Thursday morning showed Total, Emedab and other filling stations are closed.
It was reached out to the national president of the Petroleum Products Retail Outlets Owners Association of Nigeria, Billy Gillis-Harry on the situation and he stated that genuine petrol retailers will not shut down their outlets over fuel price speculation.
However, he said the association will monitor the situation.
Genuine petrol retailers cannot shut a station based on price speculation, because prices can change against them. But we will be watching the situation,” he told.
This is amid the rebound of hike in crude oil prices on Wednesday upon the resumption of airstrikes by the United States and Iran in the Middle East.
US President Donald Trump announced that ceasefire between his country and Iran has ended.
Brent and West Texas Intermediate crude oil prices surged immediately by more than 4 percent to $77 and $73 per barrel from $72 and $68 per barrel the previous day.
In response to the price volatility, depot owners in Nigeria increased automotive gas oil/diesel prices by 3 percent to N1,450 per liter.
Meanwhile, fuel prices remained unchanged on Thursday at most filling stations in Abuja and its environs at N1155 and N1299 per litre.
The Independent Petroleum Marketers Association of Nigeria said in the last three to four weeks, retail pump price had dropped by at least N125 per liter.
Dangote Refinery on Wednesday announced free delivery of its petrol product at N1075 per dollar in five states and the Federal Capital Territory, Abuja.
