Diesel loading at the Dangote Refinery has been suspended for nearly 24 hours, creating uncertainty in the downstream market even as petrol prices have been revised downward.
The halt in Automotive Gas Oil loading comes amid expectations of a possible price adjustment. However, while the refinery has reduced its Premium Motor Spirit ex gantry price by N75 to N1200 per litre, diesel pricing has remained unchanged at about N1950 per litre.
The divergence in pricing signals has triggered cautious reactions among marketers, bulk buyers, and station operators, many of whom are adjusting positions in anticipation of further developments.
Market data indicates that the average depot price of diesel stood around N2000 per litre on April 7. Some depots have since implemented slight reductions. In Lagos, Gulf Treasure sold at N1960 and Ibeto at N1950 on April 7. By April 8, Nipco reduced its price to N1850, while Ibachem maintained N1960 per litre.
Industry participants attribute the modest price easing to uncertainty rather than improved supply fundamentals. The suspension of diesel loading at Dangote Refinery has limited fresh supply, while expectations of a potential price review have discouraged aggressive buying.
In the petrol segment, marketers have begun to slightly adjust pump prices downward in response to the refinery’s price cut and declining international crude oil prices.
Despite these movements, the market remains in a holding pattern, with participants closely monitoring Dangote Refinery’s next move on diesel pricing.
The current situation reflects a cautious downstream environment where supply interruptions and pricing expectations continue to shape short term trading decisions.