Nigeria’s downstream market is facing renewed uncertainty after the Dangote Refinery failed to issue new Pro Forma Invoices (PFIs) to marketers, despite earlier pledges to resume supplies this week.
The refinery had suspended gantry sales earlier this month and announced that the suspension would end on September 23. However, as of Thursday, September 25, marketers confirmed that no new PFIs had been released.
Ticket Hoarding and Higher Prices
In the absence of new allocations, tickets already in circulation were hoarded and resold at a premium. Our correspondents observed that some marketers sold petrol at ₦840 per litre, compared to Dangote’s official ex-depot price of ₦820/L.
A marketer familiar with the situation said, “Dangote is not issuing new PFIs and not accepting new payments. That I am sure of.”
Industry participants say the development has allowed middlemen to profit from scarcity, a situation that runs counter to Dangote’s efforts to ease pump prices through steady supply.
Possible Supply Strains
Speculation continues over the reasons for the delay. Some market operators point to a temporary shutdown of the refinery’s petrol unit, while others suggest the company may be focusing more on its retail distribution strategy.
The uncertainty has sparked concerns among downstream players, who warn that tighter allocations could lead to higher depot prices in the short term.
Global Oil Prices Add Pressure
Adding to the local strain, international crude benchmarks are also moving. As of this morning:
- Brent Crude: $69.41, down 0.01 (-0.01%)
- WTI Crude: $65.05, up 0.07 (+0.11%)
Brent remains close to a seven-week high, extending earlier gains that may feed into domestic pricing dynamics.
Outlook
With Dangote serving as the main petrol supplier to the Nigerian market, delays in issuing PFIs carry immediate consequences for pricing and distribution. Unless supply resumes quickly, depot prices are expected to face upward pressure, with potential spillovers to retail stations nationwide.