Some fuel marketers in the country have suspended the purchase of fresh petrol as ex-depot price hits N1,220 at depots in Lagos.

The Western Zonal Chairman of the Independent Petroleum Marketers Association of Nigeria, Chief Oyewole Akanni, disclosed this on Sunday in an interview with the News Agency of Nigeria.

Akanni attributed the situation to the suspension of Premium Motor Spirit loading at the Dangote Refinery about four days ago.

He noted that the marketers are unsure whether prices will go up or come down when Dangote resumes, which has forced them to hold off on purchases.

According to him, the halt in supply from Dangote has also compelled some marketers to source products from private depots at significantly higher prices, creating uncertainty over retail pricing.

Akanni noted that the cheapest ex-depot price at private depots in Lagos currently ranges between N1,200 and N1,220 per litre, excluding transportation costs.

He said that marketers who bought products on Friday paid between N1,210 and N1,220 per litre.

“The non-availability of fuel at some filling stations and the closure of others are due to fluctuations in the price of lifting fuel from depots.”

“Since Dangote Refinery stopped selling PMS about four days ago, private depot owners have increased their prices.”

“Many filling stations that have exhausted their stock are waiting to see whether prices will come down when Dangote Refinery resumes sales or increase further.”

“Only a few marketers are buying products for now because of the uncertainty,” Akanni said.

According to him, marketers can still obtain products from Nipco and Aiteo at about N1,200 per litre, but the continuous fluctuations in depot prices have made it difficult for operators to make purchasing decisions.

“The major issue now is the fluctuation in depot prices, which has created uncertainty in the market,” he said.

Despite the disruptions, Akanni insisted that the country was not experiencing a fuel scarcity and urged motorists against panic buying.

“There is no fuel scarcity, members of the public should not panic,” he said, adding that pump prices could increase if the current situation persists.

He also disclosed that Dangote Refinery did not give marketers prior notice or explain the reason for suspending PMS sales.

According to him, four truckloads of petrol meant for his filling stations have remained stranded at the refinery since the suspension began.

“I was supposed to have received four truckloads of PMS since four days ago, but that has not happened because the trucks are at the Dangote Refinery, which has not been selling.”

“The company is not even loading its own trucks. They are all parked there,” he said.

Akanni further noted that the Nigerian National Petroleum Company Limited (NNPC Ltd.) was also affected because it sources petrol from the Dangote Refinery.

He expressed optimism that normal supply would resume once the refinery resumes PMS loading.

Dangote Refinery had slashed ex-depot price for PMS to N1,075 per litre on July 2nd, following the fall in the prices of crude oil at the global oil market.

However, the resumption of the U.S.-Iran conflict has seen oil prices skyrocketing again, with Brent Crude trading at nearly $90 per barrel as of Sunday.

Meanwhile, Dangote Refinery last week ended naira-denominated pricing for petrol, fixing its ex-depot price at $0.779 per litre under a new dollar-based pricing framework for refined petroleum products.

At the prevailing official exchange rate of N1,380.50 to the US dollar, the new benchmark still translates to approximately N1,075.61 per litre.