Depot operations stall nationwide as rising crude costs and restricted refinery supply fuel of imminent petrol and diesel price increase.

Nigeria’s downstream petroleum sector has slowed to a near standstill, with marketers suspending fresh price announcements for petrol (PMS) and diesel (AGO) amid an imminent price adjustment from the Dangote Petroleum Refinery.

Across key trading hubs—including Lagos, Port Harcourt, and Calabar—over 70 percent of depots have halted price updates, while activity in Warri remains minimal. The cautious pause reflects growing anxiety among traders who are keen to avoid losses as global crude oil prices continue to climb.

Market insiders say the sharp rise in benchmark crude prices, particularly Brent and WTI, has significantly increased replacement costs. In response, depot operators are holding back on pricing decisions until Dangote Refinery, now a dominant force in local fuel supply, sets a new direction for the market.

Traders are deliberately delaying sales to avoid offloading existing stock at current rates, which could quickly become unprofitable if the refinery raises its ex-depot (gantry) prices in line with international trends.

Further tightening the market, fuel loading activities at the Dangote Refinery have slowed noticeably. Sources indicate that no new loading tickets are being issued, with only previously approved allocations currently being processed—an early signal many interpret as a precursor to a price revision.

This restriction has curtailed fresh supply into the market, deepening uncertainty and forcing marketers into a wait-and-see mode. As a result, buying and selling activities have thinned out significantly, leaving the sector in limbo.

With Dangote Refinery’s pricing decisions carrying substantial weight across the supply chain, analysts say its next move will likely set the tone for fuel prices nationwide. If current global oil price trends persist, consumers could soon face higher pump prices for both petrol and diesel.