There are fresh indications that petrol marketers may begin to reopen sales channels after a sudden shift in global oil prices disrupted earlier expectations of an increase in domestic pump prices.
Brent crude which had surged close to $120 per barrel, has now shown signs of softening, as at the time of writing (8:00 AM WAT) Brent crude was selling for 99.81 -4.00% forcing a rethink across Nigeria’s downstream market.
Over the past 48 hours, several depot owners and marketers had deliberately held back supply, betting on a likely upward price review. That strategy, however, now appears to be unravelling as the international market loses momentum, leaving many operators exposed to potential losses if they continue to delay sales.
A marketer familiar with depot activities described the situation as fluid and uncertain. “Yesterday, when crude touched $120, everyone expected a price jump. But now, the market has softened, and there is no clear signal that prices will increase again. That uncertainty is pushing people back to sell,” he said.
The development is already triggering cautious movements in Lagos depots, where trading activity had slowed significantly. Industry players say the pressure to free up stock and maintain cash flow is becoming too strong to ignore, especially for operators who rely on quick turnover to stay afloat in a volatile pricing environment.
While the temporary dip in crude prices may ease immediate supply concerns, analysts warn that the market remains highly unstable. For consumers, any relief could be short-lived, as global price swings continue to dictate the direction of Nigeria’s petrol market.