Petrol Loading Resumes as Depot Prices Rise Amid Market Volatility

Petroleum marketers have resumed loading petrol and diesel from private depots after a week-long disruption caused by fresh price adjustments in Nigeria's downstream oil sector.

The National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Ukadike, said on Tuesday that operations had normalised at private depots, assuring Nigerians that there was no immediate threat of fuel scarcity.

According to him, the temporary suspension of loading was part of routine adjustments by depot operators following changes in ex-depot prices. The exercise also involved collecting "top-up" payments from marketers who had purchased products before the latest price increase.

He explained that marketers are required to pay the price difference to access products at the new rates, adding that depot owners do not offer refunds when prices decline after payment has been made.

Some filling stations were unable to dispense petrol on Monday and Tuesday, but Ukadike attributed the situation to marketers' cautious approach amid continued fluctuations in fuel prices, worsened by uncertainties linked to the Middle East crisis.

On the Dangote Petroleum Refinery's decision to price petrol in US dollars, Ukadike said he could not confirm whether marketers loading through the refinery's gantry in Lekki had begun making dollar payments.

"I know Dangote has fixed its price in dollars, but no marketer has informed me that they have paid in dollars, especially those loading from the gantry. Offshore or coastal loading is usually paid for in dollars, but I will confirm the situation at the gantry," he said.

Meanwhile, depot prices for Premium Motor Spirit (PMS) rose further on Tuesday, with marketers paying as much as N1,275 per litre at several Lagos depots.

Market data from Petroleumprice.ng showed that major depots, including African Terminal, ASCON, Gulf Treasure, Integrated, Matrix, NIPCO, Pinnacle, Sahara and T.Time, increased their ex-depot prices by N25, from N1,250 to N1,275 per litre.

Price movements, however, varied across other regions.

In Port Harcourt, Bulk Strategic and Masters maintained their prices at N1,265 per litre. Liquid Bulk reduced its price by N3 to N1,265, while Matrix cut its price by N15 to the same level. Sigmund also sold petrol at N1,265 per litre.

In Calabar, Hong Petroleum lowered its price by N15 to N1,255 per litre, while Sobaz increased its rate by N10 to N1,265 per litre.

Warri recorded modest increases, with Matrix raising its price by N5 to N1,265 per litre and Optima increasing its rate by N10 to N1,270. Rain Oil and Prudent both sold petrol at N1,270 per litre.

Diesel prices also recorded upward adjustments in some locations. In Lagos, African Terminal, Duport, Gulf Treasure, Ibachem and Wosbab increased their prices by N10 to N1,600 per litre, while Ibeto maintained N1,590 per litre. Integrated also quoted N1,600 per litre.

In Port Harcourt, Sigmund increased diesel to N1,620 per litre, while Sahara sold at N1,600 per litre. In Warri, Prudent raised its price to N1,610 per litre, NIPCO maintained N1,680 per litre, and Rain Oil sold diesel at N1,600 per litre.

The latest adjustments underscore continued volatility in the downstream petroleum market following Dangote Refinery's adoption of dollar-denominated petrol sales. Although loading activities at the refinery reportedly remained subdued, fuel importers appeared to be capitalising on the situation, while consumers continued to grapple with rising pump prices nationwide.