By Maryam Shuaibu
Fuel marketers have resumed lifting petrol and diesel from private depots after nearly a week of disruptions caused by recent price adjustments in Nigeria’s downstream petroleum sector.
The development comes amid fresh increases in ex-depot prices across major fuel depots, with marketers paying as much as ₦1,275 per litre for petrol in Lagos.
The National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Ukadike, confirmed the resumption of loading on Tuesday, dismissing concerns over a possible nationwide fuel shortage.
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According to him, the temporary disruption was triggered by price reviews following recent changes in the market rather than supply shortages.
“Once there is a price change, depots stop loading to reconcile their stock, adjust prices and calculate top-up payments for marketers who bought products before the increase,” he said.
Ukadike explained that marketers who had already paid at lower prices were required to pay the price difference before taking delivery of their products.
He, however, noted that depot owners do not refund marketers when prices fall after payment has been made.
On reports that the Dangote Petroleum Refinery had begun selling petrol in dollars, the IPMAN spokesman said he could not confirm whether marketers loading directly from the refinery’s gantry were paying in foreign currency.
He said dollar payments were common for offshore and coastal cargoes but remained uncertain for gantry transactions.
Depot prices climb across major cities
Fresh market data showed that petrol prices increased across several private depots in Lagos, reflecting continued volatility in the downstream market.
Most depots, including African Terminal, ASCON, Gulf Treasure, Integrated, Matrix, NIPCO, Pinnacle, Sahara and T.Time, raised their ex-depot petrol prices from ₦1,250 to ₦1,275 per litre.
Outside Lagos, price movements were mixed.
In Port Harcourt, several depots retained prices at ₦1,265 per litre, while others recorded slight reductions. In Calabar, Hong Petroleum lowered its price to ₦1,255 per litre, whereas Sobaz increased its price to ₦1,265 per litre.
Warri also recorded upward adjustments, with some depots raising petrol prices to between ₦1,265 and ₦1,270 per litre.
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Diesel prices also edged higher at several depots. In Lagos, a number of marketers increased ex-depot prices to ₦1,600 per litre, while similar adjustments were recorded in Port Harcourt and Warri.
The latest price movements underscore the continued volatility in Nigeria’s downstream petroleum market following recent pricing changes and the Dangote Refinery’s transition to dollar-denominated transactions for some sales.
Despite the temporary disruption in loading activities, IPMAN maintained that petroleum products remain available and urged Nigerians not to panic over fears of fuel scarcity.