Amanze Chinonye
Operations at the Dangote Petroleum Refinery have been temporarily suspended after the facility halted the loading of Premium Motor Spirit (PMS), commonly known as petrol, sparking speculation that a new price increase could be announced as early as Monday.
Sources within Nigeria’s downstream petroleum sector said tanker drivers who had already queued to lift petrol at the refinery were asked to vacate the premises as loading activities were stopped until further notice.
The development has triggered expectations among marketers and depot operators that the refinery may soon announce another upward review of its ex-depot petrol price.
Join our WhatsApp ChannelIndustry observers say the suspension follows a pattern previously observed at the refinery, where loading operations are paused shortly before a price adjustment is announced.
A similar situation occurred in the early hours of Friday, March 6, when loading was halted around 2:00 a.m. West Africa Time. Shortly afterwards, the refinery announced a ₦121 increase in its ex-depot price of PMS, raising it to ₦995 per litre.
The adjustment followed an earlier increase on March 2, when the refinery raised its petrol gantry price from ₦774 to ₦874 per litre amid mounting pressures in the domestic fuel market.
The repeated sequence of loading suspensions followed by price revisions has kept industry stakeholders on alert, as many marketers often align their pricing decisions with the refinery’s ex-depot rates.
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Meanwhile, the Independent Petroleum Marketers Association of Nigeria (IPMAN) has urged the Federal Government to reduce the cost of crude oil supplied to the refinery in order to curb the rising prices of petrol across the country.
The National President of IPMAN, Abubakar Garima, made the appeal during an interview with Nairametrics.
Garima attributed the surge in petrol prices to volatility in the global oil market, which he said has been worsened by geopolitical tensions in the Middle East, particularly involving the United States and Israel in relation to Iran.
According to him, the rising cost of crude oil has made it increasingly difficult for the refinery to access affordable feedstock, a situation that ultimately affects petrol production costs and retail prices in Nigeria.
He argued that government intervention through the supply of crude oil to the refinery at more favourable terms rather than strictly at prevailing international market prices could help moderate petrol prices.
Such a move, Garima said, would allow the refinery to lower its ex-gantry price, enabling independent marketers to sell petrol at cheaper rates to consumers and stabilise the market.
Petrol prices have recently climbed above ₦1,000 per litre in several parts of the country, with pump prices reportedly ranging between ₦1,070 and ₦1,100 per litre in northern states and between ₦1,030 and ₦1,050 per litre in the South-West.
Depot prices for marketers have also increased to between ₦1,000 and ₦1,010 per litre, excluding additional transportation and logistics costs.
The sharp rise follows the refinery’s recent ₦221 increase in its gantry price within four days from ₦874 to ₦995 per litre pushing retail prices above ₦1,050 nationwide and contributing to supply shortages in parts of Lagos and Ogun.
Industry analysts say supporting the refinery widely regarded as Africa’s largest with more favourable crude supply terms could strengthen domestic refining capacity and help ease the economic pressure on Nigerians amid rising inflation and fuel costs.
Amanze Chinonye is a Staff Correspondent at Prime Business Africa, a rising star in the literary world, weaving captivating stories that transport readers to the vibrant landscapes of Nigeria and the rest of Africa. With a unique voice that blends with the newspaper's tradition and style, Chinonye's writing is a masterful exploration of the human condition, delving into themes of identity, culture, and social justice. Through her words, Chinonye paints vivid portraits of everyday African life, from the bustling markets of Nigeria's Lagos to the quiet villages of South Africa's countryside . With a keen eye for detail and a deep understanding of the complexities of Nigerian society, Chinonye's writing is both a testament to the country's rich cultural heritage and a powerful call to action for a brighter future. As a writer, Chinonye is a true storyteller, using her dexterity to educate, inspire, and uplift readers around the world.
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