Several filling stations in parts of Abuja were left without Premium Motor Spirit (PMS), causing panic among motorists and residents on Monday. This situation raised concerns of a potential fuel scarcity in Nigeria's capital city, with some speculating an imminent fuel price hike.
Checks by DAILY POST confirmed that numerous filling stations in the Kubwa and Bwari areas of the Federal Capital Territory (FCT) had no petrol in stock. This led to long queues forming at the few stations that still had fuel available, contributing to the sense of panic.
Motorists engaged in panic buying, citing indications of an impending fuel price increase. This speculation emerged just days after the Nigerian National Petroleum Company Limited (NNPCL) officially denied any plans to raise fuel prices.
However, the recent concerns about a fuel price hike were fueled by ongoing armed conflicts between Israel and Palestine in Gaza. Reports indicated that oil prices surged on Monday due to fears that the situation could disrupt Middle East oil output.
Brent Crude, the international benchmark, rose by $2.25 a barrel to $86.83, while West Texas Intermediate crude, the US benchmark, increased by $2.50 a barrel to $85.30.
Global oil markets, already influenced by geopolitical tensions, now face potential volatility due to the Israeli-Palestinian conflict. As Nigeria imports refined petroleum products, it remains vulnerable to international oil price fluctuations.
International affairs analyst Katch Ononuju explained that the spike in oil prices was inevitable and linked to Hamas's strategic move to force discussions between the Saudis, Americans, and Israelis. The conflict continues to escalate, with both sides suffering casualties, and Israel calling up 100,000 reservists, heightening concerns about global oil prices and fuel availability
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