Depot petrol prices surged by 4.19% within 24 hours, climbing from a low of ₦835/L on September 25 to a high of ₦870/L on September 26. The increase comes as the Dangote Refinery failed to issue new Pro Forma Invoices (PFIs) despite pledging to resume allocations this week, creating scarcity and hoarding in the downstream market.
Depot Price Movements
Market data reviewed by petroleumprice.ng shows sharp increases across depots:
- Dangote (Lagos): ₦840 → ₦860 (+2.38%)
- NIPCO (Lagos): ₦835 → ₦860 (+2.99%)
- Wosbab (Lagos): ₦835 → ₦860 (+2.99%)
- Rainoil (Lagos): ₦837 → ₦855 (+2.15%)
- Matrix (Warri): ₦850 → ₦865 (+1.76%)
- Sobaz (Calabar): ₦848 → ₦860 (+1.42%)
- Sigmund (Port Harcourt): ₦854 → ₦870 (+1.87%)
The steepest daily rise occurred at Wosbab Lagos (+2.99%), while the highest recorded market price was ₦870/L at Sigmund Port Harcourt.
Hoarding and Market Tensions
The absence of new PFIs after the suspension of gantry sales earlier this month has fueled ticket hoarding. Marketers holding old allocations resold them at higher premiums, with prices drifting further away from Dangote’s official ex-depot benchmark of ₦820/L.
Industry operators warn that middlemen are now profiting from the supply gap, undermining Dangote’s strategy to stabilise pump prices through steady distribution.
Global Oil Prices Add Pressure
International crude benchmarks also contributed to the pressure:
- Brent Crude: $69.41 (-0.01%)
- WTI Crude: $65.05 (+0.11%)
Brent remains close to a seven-week high, heightening concerns that global price movements could compound Nigeria’s domestic supply squeeze.
Market Implications
With Dangote serving as Nigeria’s main petrol supplier, the delay in issuing PFIs has immediate knock-on effects across depots nationwide. Unless allocations resume promptly, market watchers expect further upward pressure on depot prices, with inevitable spillovers to retail pump stations.