Massive shipments of petrol, diesel, gas arrive 3 states amid fuel price hike
Fresh shipments of petrol, diesel, and gas are arriving in Lagos, Warri, and Port Harcourt. This move aims to boost fuel supply amid recent price hikes.
- Fresh shipments of petrol, diesel, cooking gas, butane and aviation fuel are arriving at depots in Lagos, Warri and PH to boost fuel supply
- Importers are facing higher costs after global freight rates increased by about 25% due to disruptions in the Middle East
- The recent temporary loading suspension at Dangote Refinery also pushed petrol ex-depot prices to around ₦1,200 per litre
Fresh shipments of Premium Motor Spirit (PMS), also known as petrol, Automotive Gas Oil (AGO), Liquefied Petroleum Gas (LPG), butane and aviation fuel arrived at major petroleum depots in Lagos, Warri and Port Harcourt between July 13 and July 17 as fuel marketers intensify efforts to replenish inventories despite mounting import costs.
Rising freight costs increase pressure on importers
The scheduled deliveries come as importers grapple with a sharp increase in global shipping costs following disruptions to key trade routes in the Middle East.
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Industry data indicates that freight rates have climbed by about 25%, significantly raising the cost of importing refined petroleum products.
The higher logistics expenses have added to the financial burden on marketers, many of whom are already facing stiff competition from the pricing strategy of the Dangote Refinery.
The situation has also forced many downstream operators to reassess replacement costs when determining depot prices, amid ongoing uncertainty in the international oil market.
Dangote loading disruption influences depot prices
The inflow of new cargoes coincides with market reactions to the Dangote Refinery's temporary suspension of product loading earlier in the week.
The development contributed to an increase in ex-depot petrol prices at several privately owned depots, with rates climbing to around ₦1,200 per litre.
Although the refinery has played a key role in easing domestic fuel prices in recent months, marketers say higher import and replacement costs are increasingly influencing pricing decisions.
Industry observers note that the steady arrival of petroleum products at strategic depots should help maintain adequate fuel availability in Lagos, Warri and Port Harcourt, even as operators continue to monitor global crude oil prices, freight charges and developments affecting regional shipping routes.
- Legit Original article
