Fuel marketers resume petrol loading as operators adjust to fresh price changes in Nigeria’s downstream petroleum sector.
The National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Ukadike, said marketers have returned to private depots to lift petrol and diesel and dismissed fears of an imminent fuel shortage.
Some filling stations suspended fuel sales on Monday and Tuesday. However, Ukadike said marketers acted cautiously because of frequent price changes and uncertainty caused by the ongoing Middle East crisis.
He explained that depot owners temporarily stopped loading operations to review their prices. They also asked marketers who paid before the latest increase to make additional payments, known as top-ups. He noted that depot owners do not refund marketers when prices fall after payment.
Ukadike said he could not confirm whether marketers had started paying in dollars for petrol loaded through the Dangote Petroleum Refinery’s gantry in Lekki, Lagos.
He explained that marketers have resumed loading at other depots after operators completed price adjustments and stock reconciliation. He added that offshore and coastal transactions are usually carried out in dollars, but he could not confirm if the same applies to gantry loading.
Meanwhile, petrol loading prices increased across several private depots in Lagos on Tuesday. The increase followed the Dangote Petroleum Refinery’s decision to introduce dollar-denominated transactions for petrol sales.
Journalists gathered that many depots raised their ex-depot prices by N25 per litre. African Terminal, ASCON, Gulf Treasure, Integrated, Matrix, NIPCO, Pinnacle, Sahara and T.Time increased their prices from N1,250 to N1,275 per litre.
Depot prices showed mixed movements in other parts of the country. Some operators maintained their existing rates, while others announced slight reductions.
In Port Harcourt, Bulk Strategic and Masters kept petrol prices at N1,265 per litre. Liquid Bulk reduced its price from N1,268 to N1,265, while Matrix cut its price from N1,280 to N1,265. Sigmund also sold petrol at N1,265 per litre.
In Calabar, Hong Petroleum reduced its price from N1,270 to N1,255 per litre. Sobaz, however, increased its loading price to N1,265 per litre.
In Warri, Matrix raised its depot price to N1,265 per litre, while Optima increased its price to N1,270. Rain Oil maintained its price at N1,270, and Prudent also sold petrol at N1,270 per litre.
Diesel prices also recorded slight increases at some depots. In Lagos, African Terminal, Duport, Gulf Treasure, Ibachem and Wosbab increased diesel prices to N1,600 per litre. Ibeto maintained its price at N1,590, while integrated quoted N1,600 per litre.
In Port Harcourt, Sigmund raised its diesel price to N1,620 per litre, while Sahara sold the product at N1,600. In Warri, Prudent increased its diesel price to N1,610, NIPCO maintained N1,680, while Rain Oil sold diesel at N1,600 per litre.
The latest price adjustments highlight the continued volatility in Nigeria’s downstream petroleum market. The changes followed the Dangote Petroleum Refinery’s decision to sell petrol to marketers in dollars.
Journalists also gathered that loading activities at the refinery remained low. At the same time, fuel importers continued to take advantage of the market situation, while consumers faced higher pump prices across the country.
