Fuel Price Hike Feared as Trump Cancels Second Iran Meeting
Fears of a fresh fuel price hike this week are mounting after the United States President, Donald Trump, abruptly cancelled a second round of diplomatic talks with Iran in Pakistan at the weekend.
With the doors shut against possible talks to ease tensions amid growing uncertainty over the fragile geopolitical balance in the Middle East, marketers warn the standoff could tighten supply expectations and trigger price volatility. The development has heightened anxiety among import-dependent economies, with operators bracing for possible cost spikes in days ahead.
Marketers Sound Alarm on Fuel Price Hike
Some top oil marketers who spoke to Daily Sun in separate interviews on Sunday said the withdrawal of envoys from the Pakistan talks by President Trump has far-reaching implications for the market, especially the cost of refined petroleum products. The Chief Executive Officer of Trend Energy Limited, Chidinma Agu, said: “Without sounding like an alarmist, we may begin to witness a rise in the price of Premium Motor Spirit (PMS), otherwise called petrol.”
The chief executive noted that uncertainty is clouding the market, prompting holders of fuel stocks to tread carefully. He explained that many operators are reluctant to sell immediately, preferring to wait for clearer price signals. Offloading products too quickly, without a firm sense of where the market is headed, she warned, could prove disastrous, potentially sounding the death knell for their businesses.
Fuel Supply Concerns Grow in Apapa
In Apapa, some of the marketers shared similar sentiments with Agu, stating that supply at the weekend was epileptic as a result of recent developments in the Middle East. They explained that Monday will set the tone for the week when marketing activities fully resume across the major depots.
Reports indicate tightening fuel stocks around the Calabar axis, raising fresh concerns that the collapse of the Pakistan talks could further strain supply, spreading shortages beyond the region and deepening market pressure. As of the last trading session, only Soroman and Northwest depots were reported to have active product availability, reflecting constrained supply across the zone.
Coastal Supply Supports Product Availability
Though a 20,000 metric tonne PMS cargo destined for Sobaz depot in Esuk Utan, Calabar, is currently being handled following the arrival of MT Savanna, as coastal supply continues to support product availability in Nigeria’s eastern corridor. The cargo was sourced from the Dangote Petroleum Refinery through a ship-to-ship transfer arrangement involving MT SABAERK. Loading operations at the refinery have been completed.
MT Savanna arrived yesterday in Calabar and is presently discharging into Sobaz jetty facilities located in Esuk Utan, Calabar. The incoming volume is expected to ease pressure on depot inventories and improve product accessibility within the region, as marine deliveries continue to play a stabilising role in Nigeria’s downstream distribution network.
Officials Confirm Vessel’s Arrival and Discharge Status
Officials at the Sobaz depot confirmed the vessel’s arrival and discharge status, stating that it arrived yesterday and is presently discharging at the Sobaz jetty. They added that sales are expected to resume from Monday once discharge is completed. “It is not likely that sales of products from that vessel will commence today (Monday). Depot operators in the country are keenly watching the market because of developments in the Middle East. And if they are to sell at all, prices will have to change. It is not likely that they will sell at the prevailing market rate,” another source said.
Weekly Pricing Tracking Shows Mild Fluctuations
According to the weekly pricing tracking on petroleumprice.ng, as of last Monday to Friday, Lagos PMS prices showed mild fluctuations across major marketers: Rain Oil: N1,206 to N1,230 (up N24), Bono: N1,207 to N1,205 (down N2), Ascon: N1,206 to N1,204/N1,205 (marginal movement), Nipco: N1,206 to N1,204/N1,205 (slight decline), Aiteo: N1,206 to N1,204/N1,205 (slight decline), and Pinnacle: N1,204 to N1,204 (stable).
Trump confirmed the cancellation in
Original Article: Fuel price hike feared as Trump cancels second Iran meeting — Thesun