Fresh concerns over a possible increase in petrol prices have sparked panic in parts of Nigeria, with several filling stations temporarily shutting their operations as speculation spreads across the country’s downstream oil sector.
Checks on Thursday showed that some fuel outlets, including Total, Emedab, and a number of independent marketers, suspended fuel sales, raising fears of possible hoarding and supply disruptions. The closures come despite the absence of any official announcement of a nationwide petrol price increase.
The development follows renewed volatility in the global oil market after tensions in the Middle East escalated. Crude oil prices climbed sharply following reports of renewed hostilities involving the United States and Iran, pushing Brent crude above $77 per barrel and West Texas Intermediate to around $73 per barrel.
Industry stakeholders say the rising cost of crude has triggered uncertainty across Nigeria’s fuel supply chain. While some depot operators have already adjusted diesel prices upward, petrol pump prices have largely remained unchanged in Abuja and several other locations, with retail prices ranging between ₦1,155 and ₦1,299 per litre.
Reacting to the situation, the President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Billy Gillis-Harry, said legitimate fuel retailers have no reason to shut down operations based solely on speculation. He noted that fuel prices can move in either direction and warned against panic-driven decisions, adding that the association would closely monitor developments.
The uncertainty comes just weeks after Nigerian motorists enjoyed a series of fuel price reductions driven by increased competition in the downstream market. Industry groups estimate that petrol prices had fallen by at least ₦125 per litre over the past month.
The situation also follows Dangote Refinery’s recent announcement of expanded fuel distribution, including free delivery of petrol at competitive rates across several Nigerian states and the Federal Capital Territory.
Although there has been no official confirmation of an imminent petrol price increase, the temporary closure of some filling stations has fueled public anxiety, with many motorists rushing to buy fuel before any possible price adjustment.
Energy analysts say developments in the international crude oil market could continue to influence fuel pricing in Africa’s largest economy, making global geopolitical events a key factor for consumers and businesses alike.
