Petroleum marketers across Nigeria have suspended fresh pricing for petrol (PMS) and diesel (AGO) in anticipation of a possible upward review by the Dangote Petroleum Refinery and Petrochemicals, following a sharp rally in global crude oil markets.
Industry checks by Petroleumprice.ng indicate that over 70 percent of depots across Lagos, Port Harcourt, and Calabar, with limited activity in Warri, have refrained from fixing new prices. The move reflects growing caution among traders who are seeking to avoid potential losses amid expectations of an imminent price increase.
Market participants said the uncertainty is driven by the recent surge in crude benchmarks, with both Brent and WTI recording strong gains in recent sessions. The upward trend has heightened replacement cost concerns, prompting depot owners to delay pricing decisions until there is clarity on the refinery’s next move.
Sources confirmed that marketers are deliberately holding back to avoid underselling existing stock, which could expose them to losses if Dangote refinery adjusts its gantry price upward in line with global market conditions.
Further reinforcing expectations of a price hike, loading activities at the dangote refinery have slowed. Multiple sources disclosed that no new loading tickets are currently being issued, with only previously issued tickets being honoured. This has effectively restricted fresh supply into the market, a development traders interpret as a signal that a price review may be imminent.
The halt in ticket issuance has also tightened supply visibility, increasing tension across the downstream market as marketers reposition ahead of a potential repricing.
The current situation has created a temporary standstill in depot operations, with transactions largely paused as stakeholders await direction from Dangote, which remains the dominant supplier of petrol in Nigeria.
Industry observers say the next pricing decision by the refinery will likely set the tone for the broader market, given its influence on downstream pricing dynamics.
With crude oil prices maintaining an upward trajectory and supply-side caution intensifying, market participants expect a possible adjustment in petrol and diesel prices in the coming hours, as traders continue to monitor developments closely.