Private depot owners across Nigeria have begun benchmarking petrol loading prices around ₦1,200 per litre following the suspension of product loading at Dangote Petroleum Refinery, as marketers move to adjust to growing uncertainty in the downstream market, Petroleumprice.ng has exclusively gathered.
An exclusive review of depot prices by Petroleumprice.ng on Thursday shows that marketers across Lagos, Port Harcourt, Warri and Calabar have largely aligned their Premium Motor Spirit (PMS) prices within the ₦1,200 to ₦1,230 per litre range, marking a significant upward shift from levels recorded earlier in the week.
The development comes after Dangote Petroleum Refinery suspended product loading at about 4:00 p.m. on Wednesday, with industry sources indicating that the refinery is reviewing aspects of its pricing and transaction framework, including developments surrounding the dollar policy arrangement.
Although the refinery has not officially announced any revision to its ex-depot price, the suspension has triggered fresh reactions across the downstream market, with depot owners and marketers adjusting prices amid uncertainty over the refinery's next pricing direction.
Checks by Petroleumprice.ng show that Lister, Aiteo and NIPCO depots in Lagos are now selling PMS at ₦1,200 per litre. In Warri, Optima is selling at ₦1,220 per litre, while A.Y.M. Shafa has raised its price to ₦1,230 per litre.
In Port Harcourt, both Liquid Bulk and Sigmund are offering petrol at ₦1,230 per litre, while Mainland Depot in Calabar is also selling at ₦1,230 per litre, indicating that the higher pricing trend has spread across multiple supply hubs.
The widespread alignment around the ₦1,200 threshold suggests that marketers are increasingly pricing products based on expectations of higher replacement costs, even as the refinery's official pricing direction remains unchanged.
Industry participants said market attention is now focused on the outcome of Dangote Refinery's ongoing internal review, which is expected to provide greater clarity on future loading arrangements and pricing.
The latest adjustments underscore the refinery's influence on Nigeria's downstream petroleum market, where any disruption to loading operations or changes in pricing policy typically prompt immediate responses from marketers and depot operators nationwide.