Fuel prices have continued to rise across filling stations nationwide following the decision by the Dangote Petroleum Refinery to sell petrol to marketers in dollars. The increase has also been driven by the surge in global crude oil prices triggered by the renewed tensions between the United States and Iran.
The development comes as the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) warned against monopoly and arbitrary petrol pricing, saying such practices could undermine efforts to stabilise the country’s downstream petroleum sector and the economy. Dr Billy Gillis-Harry, President of PETROAN said fuel prices should not be dictated by the actions of a single market player, stressing that the industry requires a more stable and competitive pricing framework. “We have always said that arbitrary fixing of prices is not what will stabilise Nigeria or the Nigerian economy. We don’t think a situation where, anytime one player sneezes, all of us catch cold is in the best interest of Nigeria,” he said.
Gillis-Harry assured Nigerians that PETROAN members would continue to make the necessary sacrifices to ensure the availability of petroleum products at affordable prices.
On Friday, some marketers told our correspondent that petrol loading at the Dangote refinery had been delayed since Wednesday, a claim the Dangote Group denied.
The National Vice-President of the Independent Petroleum Marketers Association of Nigeria, Hammed Fashola, confirmed the development to one of our correspondents but expressed optimism that loading could resume on Friday.
However, a spokesman for the Dangote Group dismissed the report as “fake news”, accusing some marketers of spreading false information. He said that the refinery had not stopped loading petroleum products. “The refinery is loading. Anybody can come there to check. That’s fake news to say we are not loading,” he said.
He noted that marketers importing petrol were finding it difficult to compete because prices in Lomé, Togo, had risen, making it increasingly difficult to match Dangote’s prices.
It was gathered that many marketers were struggling to source dollars to purchase petrol from the Dangote refinery, while importers continued to increase prices.
Meanwhile, petrol loading prices at private depots remained elevated with marketers paying between N1,185 and N1,245 per litre across major depots nationwide amid continued uncertainty in the downstream petroleum market.
Latest depot price data obtained from Petroleumprice.ng showed that Matrix Depot in Port Harcourt sold the product at the highest price of N1,245 per litre, while Masters Depot sold at N1,240 per litre. Liquid Bulk and Sigmund depots both offered petrol at N1,230 per litre.
In Lagos, depot prices ranged from N1,185 to N1,225 per litre. Honeywell recorded the lowest price at N1,185 per litre, while Emadeb sold at N1,225 per litre. Other Lagos depots, including Aiteo, Ardova, Lister, Nipco and Pinnacle, sold petrol at N1,200 per litre.
In Warri, A.Y.M Shafa and Matrix sold at N1,230 per litre, while Optima offered the product at N1,220 per litre. Parker sold at N1,200 per litre, while Prudent quoted N1,215 per litre.
Similarly, in Calabar, Sobaz sold petrol at N1,210 per litre, while Northwest, Mainland and Fynfield offered the product at N1,230 per litre. Jenny Depot sold at N1,200 per litre. The latest pricing indicates that depot owners have largely maintained high loading prices across the country.
Industry analysts said the variation in depot prices reflects differences in supply sources, logistics costs and inventory positions, with marketers continuing to monitor pricing decisions by major suppliers before making fresh purchases.
The development comes as fuel marketers continue to adjust to changing market dynamics following recent pricing decisions by the major refiner, with retail pump prices expected to reflect prevailing depot rates after accounting for transportation, distribution and operating costs.
Petrol prices have also risen in major cities, including the Federal Capital Territory, Port Harcourt, Kaduna, Enugu, Ondo and Edo states, with motorists paying as much as N1,200 per litre at some filling stations.
A survey conducted major filling stations in the FCT on Friday showed that while petrol remained largely available, pump prices varied widely, ranging from N1,118 to N1,200 per litre, with only one filling station temporarily suspending sales. The development comes days after marketers and energy experts warned that the refinery’s new dollar-denominated pricing template could trigger another round of petrol price increases, particularly for independent marketers sourcing products from the refinery.
Although it could not be immediately confirmed whether the Dangote refinery had begun receiving dollar payments under the new arrangement, marketers have already started adjusting ex-depot and retail prices in anticipation of higher replacement costs.
The refinery’s decision generated widespread concern among petroleum marketers, transport operators and consumers, many of whom fear that pricing petrol in dollars could expose the domestic market more directly to foreign exchange volatility and further increase the cost of transportation and goods.