Nigerian Petrol Stations Close Amid Global Oil Price Spike

Several petrol stations in Nigeria, including Total and Emedab, shut down on Thursday morning due to speculation that premium motor spirit prices would rise. This volatility coincided with a surge in global crude oil prices, with Brent and West Texas Intermediate rising over 4% to between $73 and $78 per barrel. The spike followed an announcement by Donald Trump that the ceasefire between the United States and Iran had ended, leading to a resumption of airstrikes in the Middle East.

In response to the instability, Nigerian depot owners increased diesel and automotive gas oil prices by 3% to N1,450 per liter. However, petrol prices in Abuja remained steady. Billy Gillis-Harry, president of the Petroleum Products Retail Outlets Owners Association of Nigeria, stated that legitimate retailers should not close based on speculation and confirmed the association is monitoring the situation.

Contrasting this volatility, Dangote Petroleum Refinery & Petrochemicals Fze reduced its premium motor spirit ex-depot price by N175 per litre over a three-week period ending July 9, 2026. The refinery implemented four pricing adjustments, lowering the rate from N1,250 per litre on June 16 to N1,075 per litre, a 14% decrease. The company also announced free delivery of petrol products at N1,075 per dollar across five states and the Federal Capital Territory.