By Our Correspondent
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has attributed the temporary closure of some filling stations and the suspension of fuel supply by several marketers across the country to uncertainty surrounding the price of Premium Motor Spirit (PMS), following the suspension of petrol loading at the Dangote Refinery.
The association, however, assured Nigerians that the situation does not amount to fuel scarcity, urging motorists and other consumers not to engage in panic buying despite concerns over rising depot prices.
Speaking with the News Agency of Nigeria (NAN) in Ibadan on Sunday, the Western Zone Chairman of IPMAN, Mr. Oyewole Akanni, explained that many independent marketers had halted fresh purchases of petrol because they were uncertain whether prices would rise further or decline once Dangote Refinery resumes loading operations.
According to him, the suspension of PMS loading at the refinery, which began about four days ago, has disrupted the supply chain and triggered a sharp increase in ex-depot prices at privately owned depots.
Akanni disclosed that marketers are currently forced to source products from private depots where ex-depot prices have climbed to between ₦1,200 and ₦1,220 per litre, excluding transportation costs. He noted that marketers who purchased products on Friday paid between ₦1,210 and ₦1,220 per litre, significantly increasing the cost of doing business.
He explained that the price volatility has compelled many filling station operators to suspend fresh purchases, preferring instead to wait for clarity on the direction of the market.
"The non-availability of fuel at some filling stations and the closure of others are due to fluctuations in the price of lifting fuel from depots," Akanni said.
"Since Dangote Refinery stopped selling PMS about four days ago, private depot owners have increased their prices. Many filling stations that have exhausted their stock are waiting to see whether prices will come down when Dangote Refinery resumes sales or increase further. Only a few marketers are buying products for now because of the uncertainty."
Despite the disruption, the IPMAN chairman stressed that the country is not experiencing a fuel shortage.
"There is no fuel scarcity. Members of the public should not panic," he said, while cautioning that prolonged disruption in supply could eventually lead to an increase in retail pump prices across the country.
Akanni also revealed that the Dangote Refinery did not provide marketers with prior notice or any official explanation before suspending PMS loading operations.
He said the unexpected decision had directly affected his own business, as four truckloads of petrol meant for his filling stations have remained stranded at the refinery since the suspension began.
"I was supposed to have received four truckloads of PMS four days ago, but that has not happened because the trucks are at the Dangote Refinery, which has not been selling.
"The company is not even loading its own trucks. They are all parked there," he stated.
According to him, the disruption is not limited to independent marketers, as the Nigerian National Petroleum Company Limited (NNPCL), which also sources petrol from the Dangote Refinery, has equally been affected by the suspension.
He further disclosed that while some private depots have raised their selling prices to as high as ₦1,250 per litre, marketers can still purchase products from suppliers such as Nipco and Aiteo at approximately ₦1,200 per litre.
Akanni identified the unpredictable movement of depot prices as the major challenge confronting petroleum marketers, noting that the uncertainty has made it difficult for operators to determine the most appropriate time to restock.
"The major issue now is the fluctuation in depot prices, which has created uncertainty in the market," he said.
He nevertheless expressed optimism that stability would return to the downstream petroleum sector once Dangote Refinery resumes PMS loading, saying the resumption would ease supply constraints, moderate depot prices and restore confidence among marketers.
The latest development comes amid growing concerns over the stability of Nigeria's deregulated downstream petroleum market, where pump prices are increasingly influenced by market forces, depot pricing and supply dynamics. Industry observers believe the prompt resolution of the suspension at the Dangote Refinery will be critical in preventing further price increases and ensuring uninterrupted fuel distribution nationwide.
