City: Lagos, Nigeria
Omo! Wetin we go do now? As Dangote Petroleum Refinery finally don open im gate for petrol sales after one week of drama, dem don raise the ex-depot price from N820 to N850 per litre. Na N30 increase that one be, wey be 3.66%. E mean say na fresh wahala dey come as everybody dey reason pump price go increase sharp-sharp.
The new price don take effect from Thursday, as loading activities don dey happen again for the 650,000 barrels per day facility wey dey Lekki Free Trade Zone. As we sabi am, last week people for the market no fit buy petrol at all, and e scatter everywhere. E create serious uncertainty for the industry, no be small.
Last week, Dangote refinery drop one memo wey say make marketers put any PMS loading payments for hold. E be like say dem no wan hear story, and that action alone scatter the market wahala. But now, with this new price increase, e fit mean say pump prices go follow suit next week. E get people wey talk say global crude oil price dey dance shakara, and that one dey affect everything wey concern petrol.
Dangote refinery dey import about 50% of im crude wey e dey use, most of am from USA. That one no dey help matter, as international market dey unstable like our Lagos traffic on a Friday evening.
But e no be only petrol wey dey affect us o! Diesel sef dey sell more cheap for Dangote than for other private depots. Na N990 per litre for bulk buyers compared to N1,030 wey dem dey charge for other places. As we fit see, other terminals dey sell diesel between N1,010 and N1,050, so Dangote dey shine for that level.
As market dey try adapt to this new development, many marketers dey still fear that anything fit happen at any time. Some operators dey complain say crude price no steady, and the refinery no dey clear about wetin dey happen with supply protocols.
And no forget say this Dangote refinery wey dem commission for 2023 dey expand from 650,000 barrels per day to 700,000 bpd. Dem suppose don stabilize Nigeria fuel market by now, but e be like say wahala still dey wait for person wey wan buy fuel.
One big shock wey dem don discover na say marketers still dey import refined petroleum products like say we no get our own local supply. Na wah! According to di latest data from Nigerian Midstream and Downstream Petroleum Regulatory Authority, 71.38% of petrol wey we dey use for May and June 2025 come from imports. Only 28.62% na wetin we dey source from Dangote refinery.
Meanwhile, for Lagos, most depots dey sell petrol between N855 and N860 per litre, and everybody dey look how e go be with this Dangote price adjustment. As for Port Harcourt and Warri, some places even reduce price small, but that one fit mean anything o.
This diesel price wahala go continue to dey worry marketers as e dey show say we no really dey use our local products as we suppose. E get as e be, but we dey hope for beta days ahead, if no be so, we fit dey drink palm wine dey look fuel price like say na movie.
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