Petroleum marketers have resumed lifting petrol and diesel from private depots after a temporary disruption caused by recent adjustments in fuel prices, easing concerns over a possible fuel shortage.
The suspension followed a review of ex-depot prices by operators, who paused loading to update stock records, revise prices and reconcile payments from marketers that had purchased products before the latest increase.
The National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Ukadike, said the resumption of loading showed that product supply had normalised, adding that there was no immediate threat of scarcity.
He explained that some filling stations delayed dispensing petrol because marketers were being cautious amid continued price volatility in the downstream sector, worsened by uncertainty surrounding developments in the Middle East.
According to him, depot owners required marketers to pay the difference between the old and new prices before previously purchased products could be lifted, a process known as “top-up.”
Meanwhile, ex-depot petrol prices rose further across major private depots, with several facilities in Lagos increasing loading prices by N25 to N1,275 per litre. Price movements were mixed in other parts of the country, with some depots maintaining previous rates while others recorded slight increases or reductions.
Diesel prices also edged higher at a number of depots, reflecting continued volatility in the downstream petroleum market.
Ukadike also said he could not confirm whether marketers loading petrol through the Dangote Petroleum Refinery’s gantry had begun paying in US dollars under the refinery’s new pricing policy, although he noted that offshore and coastal cargo transactions are expected to be settled in dollars.
The latest adjustments come as the downstream petroleum market continues to react to the Dangote refinery’s decision to sell petrol to marketers in dollars, a move that has continued to influence depot prices and pump prices across the country.
