馃嚦馃嚞NigeriaWest Africa
Fuel marketers resume petrol loading as depot prices increase
via Punch Nigeria3 min read
Fuel marketers have restarted loading petrol and diesel from private depots after a week-long halt caused by recent price adjustments in the downstream petroleum sector. Chinedu Ukadike, National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria, confirmed that private depots are again selling products, allaying fears of scarcity. He explained that depot owners temporarily suspended operations to adjust prices and request top-up payments from marketers who had paid before the latest price increase. Ukadike noted that depot owners do not refund marketers when prices fall. Regarding the Dangote Petroleum Refinery's new dollar-for-fuel policy, Ukadike could not confirm if marketers were paying in dollars for products loaded from the refinery's gantry in Lekki, Lagos. Meanwhile, petrol loading prices rose across major private depots in Lagos, with marketers paying up to N1,275 per litre. African Terminal, ASCON, Gulf Treasure, Integrated, Matrix, NIPCO, Pinnacle, Sahara, and T.Time all increased their ex-depot prices from N1,250 to N1,275 per litre. Prices varied in other regions, with some depots retaining rates and others making marginal reductions. Diesel prices also increased at some depots in Lagos, Port Harcourt, and Warri. These adjustments reflect ongoing volatility in the downstream petroleum market following the Dangote Petroleum Refinery's move to dollar-denominated transactions.
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This summary was AI-generated from a story originally published by Punch Nigeria.
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