By Sesi Noah Private fuel depots across Lagos and nearby areas were largely empty yesterday following the Dangote Petroleum Refinery’s move...
By Sesi Noah
Private fuel depots across Lagos and nearby areas were largely empty yesterday following the Dangote Petroleum Refinery’s move to begin direct petrol supplies.
According to Vanguard check showed that most depot operators pulled back operations in anticipation of benefiting from the refinery’s direct distribution. A source who spoke off the record confirmed, “Dangote Refinery has started supplying marketers directly, which is why depot activities have dropped to the barest minimum.”
Olatide Jeremiah, Chief Executive Officer of Petroleumprice.ng, explained that the development has unsettled the downstream sector. “Dangote is now the new market leader, dictating the pace. The rollout of 1,000 trucks on Monday has put pressure on depot owners and retailers, leading to a sharp fall in purchases,” he said.
Jeremiah also noted that for the first time, while global oil prices are climbing, local depot prices are falling—evidence of the strong impact of local competition. “This shift will ultimately push the industry toward best practices and help stabilize pump prices,” he added.
Meanwhile, at a conference marking one year since the refinery began petrol production, Aliko Dangote, President/CEO of Dangote Petroleum Refinery, said the facility has significantly boosted Nigeria’s energy security.
According to him, Nigerians have endured recurring fuel queues since 1975, a problem that is gradually being addressed since the refinery started releasing petrol on September 15, 2024. “We have battled fuel queues for decades, but today we are entering a new era,” Dangote said.
He admitted the journey had not been easy, with many challenges along the way, but stressed that the refinery was built out of commitment to Nigeria and Africa. “Some people felt we were taking food off their tables. That is not true. What we have done is restore pride to our country and continent. Sadly, only two African nations once managed to avoid petrol imports, but both are back to importing again. That is not sustainable for Africa,” he concluded.
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