LAGOS, July 20 – Some fuel marketers across Nigeria have stopped buying fresh petrol after the ex-depot price at private depots in Lagos climbed to between N1,200 and N1,220 per litre.
The Western Zonal Chairman of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chief Oyewole Akanni, said the decision followed the suspension of Premium Motor Spirit (PMS) loading at the Dangote Refinery about four days ago.
According to him, marketers are waiting to see whether prices will fall or rise when the refinery resumes sales. As a result, only a few operators are buying products while many others are holding back because of the uncertainty, adding that marketers who bought petrol on Friday paid between N1,210 and N1,220 per litre, while products are still available from Nipco and Aiteo at about N1,200 per litre.
He explained that the price swings have forced some filling stations to suspend sales after running out of stock, while others have remained closed because operators are uncertain about replacement costs.
However, Akanni said the country is not facing a fuel shortage and urged motorists not to panic buy. He warned that pump prices could increase if the current situation continues.
He also said Dangote Refinery did not give marketers advance notice or explain why PMS sales were suspended. According to him, four truckloads of petrol meant for his filling stations have remained at the refinery since the halt in loading began. He added that even the refinery’s own trucks have not been loading products.
The chairman also noted that the Nigerian National Petroleum Company Limited (NNPC Ltd.) has been affected because it sources petrol from the Dangote Refinery. He further expresses hope that normal supply would return once the refinery resumes loading.
