- Fuel marketers have resumed loading operations at private depots following a near one-week disruption caused by recent price realignments across the downstream petroleum sector.
- Ex-depot petrol prices in Lagos climbed by N25 per litre to peak at N1,275 per litre across major facilities, including Pinnacle, NIPCO, Sahara, Matrix, and ASCON.
- The market volatility follows the Dangote Petroleum Refinery’s transition to a dollar-denominated payment structure, causing temporary price recalibrations and top-up demands by depot owners.
Fuel loading operations across major private depots in Nigeria have resumed following days of operational downtime triggered by recent pricing realignments in the downstream petroleum industry.
Eko Hot Blog reports that the National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Ukadike, confirmed that private depot facility owners have recommenced product sales to marketers, dispelling concerns over imminent fuel scarcity.
EDITOR’S PICKS
- FG Partners With Chinese Investors To Secure Land For 10,000-Home Mass Housing Project
- Intelligence Materials Were Shared With US, Not Seized – DHQ
- Man Arraigned in Adamawa Over Alleged Abuse Involving Daughter
He clarified that temporary suspensions were implemented by depot owners to conduct stock audits, recalibrate product pricing, and process top-up differential payments from marketers who had placed orders prior to the latest price surge.
“Marketers have started loading in other depots. You know, once there is a price change, they will stop and take their stock, then reset their prices around the rest of them. Then also look at the tickets they have sold before and see how they will do top-up. What we call top-up is the differential of the former price, so they can buy at the current price. These are the exercises that are ongoing. And once they are ongoing, you cannot load.”
— Chinedu Ukadike, IPMAN National Publicity Secretary
Addressings questions regarding the Dangote Petroleum Refinery’s newly adopted dollar-denominated sales model, Ukadike noted that while the facility has structured pricing in foreign currency, independent marketers lifting from the Lekki gantry have yet to officially confirm direct dollar transactions for gantry operations, though offshore and coastal shipments remain tied to international currency terms.
Following the market realignments, ex-depot petrol prices experienced upward adjustments in Lagos, advancing from N1,250 to N1,275 per litre across key terminals, including African Terminal, ASCON, Gulf Treasure, Integrated, Matrix, NIPCO, Pinnacle, Sahara, and T.Time.
In parallel, automotive gas oil (diesel) prices moved upward at select locations. Lagos facilities including Duport, Ibachem, African Terminal, and Wosbab raised ex-depot diesel rates by N10 to N1,600 per litre, while Port Harcourt’s Sigmund depot adjusted rates to N1,620 per litre.
Downstream stakeholders continue to monitor cost implications as replacement calculations adjust to international market conditions.
