Petroleum product depots across Nigeria have released revised petrol loading rates, with prices jumping by as much as N118 per litre during the week, following Dangote Refinery's decision to price refined products in United States dollars. The refinery's shift to dollar-denominated sales of Premium Motor Spirit (PMS), Automotive Gas Oil (AGO) and Aviation Turbine Kerosene (ATK) has pushed up replacement costs for marketers, compelling private depots in Lagos, Warri, Port Harcourt and Calabar to update their loading prices accordingly.
New Depot Prices Across Nigeria
Petroleumprice.ng shared the latest loading prices for petrol released by depots, showing new rates across locations. In Lagos, Pinnacle depot rose from N1,085 to N1,190 (+N105), African Terminal from N1,090 to N1,189 (+N99), Sahara from N1,090 to N1,189 (+N99), Integrated from N1,090 to N1,189 (+N99), and Lister from N1,090 to N1,200 (+N110). In Warri, Rain Oil increased from N1,130 to N1,240 (+N110), Matrix from N1,120 to N1,220 (+N100), Parker from N1,125 to N1,220 (+N95), Optima from N1,117 to N1,235 (+N118), and A.Y.M Shafa from N1,125 to N1,230 (+N105).
In Port Harcourt, Bulk Strategic rose from N1,136 to N1,225 (+N89), Masters from N1,137 to N1,230 (+N93), Matrix from N1,137 to N1,225 (+N88), and Liquid Bulk from N1,140 to N1,225 (+N85). In Calabar, Mainland increased from N1,155 to N1,220 (+N65) and Jenny from N1,155 to N1,225 (+N70).
Impact on Retail Pump Prices and Consumers
Industry stakeholders cautioned that retail pump prices at filling stations could rise in the coming days if marketers choose to transfer the higher acquisition costs to consumers. The price changes come after Dangote Refinery raised its ex-gantry petrol price by N44 per litre, from N1,076 to N1,120, following its decision to adopt dollar-denominated pricing for petroleum products. The increase has started reflecting at some retail outlets, although the adjustments remain gradual.
Government Talks Under Way as Market Watches
Negotiations are ongoing between the Nigerian National Petroleum Company Limited (NNPCL), the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and Dangote Refinery over a potential return to naira-denominated transactions. The talks follow uncertainty surrounding the continuation of the federal government's naira-for-crude arrangement.
Market analysts said depot prices are likely to remain at the current level or continue to rise for as long as marketers continue to source products based on dollar replacement costs. They noted that a successful outcome from the ongoing government negotiations could relieve pressure on marketers and help bring prices down in the downstream sector.
