Fuel marketers have resumed loading petrol and diesel from private depots after an almost one-week disruption triggered by recent price adjustments in the downstream petroleum sector.

The National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, told a correspondent on Tuesday that private depots had resumed selling petroleum products to marketers, dismissing fears of an imminent fuel scarcity.

Although some filling stations did not dispense petrol on Monday and Tuesday, Ukadike said marketers were only being cautious because of the prevailing volatility in fuel prices, particularly amid the ongoing Middle East crisis.

He explained that depot owners temporarily suspended loading operations to adjust prices and request top-up payments from marketers who had already paid for products before the latest price increase. Ukadike, however, noted that depot owners do not refund marketers when prices fall below the amount previously paid for products.

Speaking on the Dangote Petroleum Refinery’s newly introduced dollar-for-fuel policy, Ukadike said he could not confirm whether marketers had started paying in dollars for products loaded through the refinery’s gantry in Lekki, Lagos.

“Marketers have started loading in other depots. You know, once there is a price change, they will stop and take their stock, then reset their prices around the rest of them. Then also look at the tickets they have sold before and see how they will do top-up. What we call top-up is the differential of the former price, so they can buy at the current price. These are the exercises that are ongoing. And once they are ongoing, you cannot load,” he said.

He added, “I know that Dangote has fixed its price in dollars, but no marketer has ever informed me that they have paid in dollars, especially those loading from the gantry. But for offshore loading or coastal loading, I can assure you that it will be paid in dollars. But for gantry loading, I don’t know. By tomorrow, I will confirm.”

Meanwhile, petrol loading prices rose further across major private depots in Lagos on Tuesday, with marketers paying up to N1,275 per litre amid continued uncertainty in the downstream petroleum market following the Dangote Petroleum Refinery’s transition to dollar-denominated transactions.

Depot price data obtained by The PUNCH from Petroleumprice.ng showed that loading prices in Lagos increased by N25 per litre at most depots. African Terminal, ASCON, Gulf Treasure, Integrated, Matrix, NIPCO, Pinnacle, Sahara and T.Time all raised their ex-depot prices from N1,250 to N1,275 per litre.

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However, prices were mixed in other parts of the country, as some depots retained their previous rates while others recorded marginal reductions.

In Port Harcourt, Bulk Strategic and Masters retained their petrol prices at N1,265 per litre. Liquid Bulk reduced its price by N3 from N1,268 to N1,265 per litre, while Matrix cut its loading price by N15 from N1,280 to N1,265 per litre. Sigmund also sold petrol at N1,265 per litre.

In Calabar, Hong Petroleum reduced its price by N15 from N1,270 to N1,255 per litre, while Sobaz increased its loading price by N10 to N1,265 per litre.

In Warri, Matrix increased its depot price by N5 to N1,265 per litre, while Optima raised its price by N10 to N1,270 per litre. Rain Oil retained its price at N1,270 per litre, while Prudent sold the product at N1,270 per litre.

Diesel prices also edged higher at some depots. In Lagos, African Terminal, Duport, Gulf Treasure, Ibachem and Wosbab increased their diesel prices by N10 to N1,600 per litre, while Ibeto retained its price at N1,590 per litre. Integrated quoted N1,600 per litre.

In Port Harcourt, Sigmund increased its diesel price by N5 from N1,615 to N1,620 per litre, while Sahara sold the product at N1,600 per litre. In Warri, Prudent raised its diesel price by N10 to N1,610 per litre, NIPCO retained its price at N1,680 per litre, while Rain Oil sold diesel at N1,600 per litre.

The latest price adjustments highlight the persistent volatility in the downstream petroleum market following the Dangote Petroleum Refinery’s decision to sell petrol to marketers in dollars, a development that continues to influence depot prices across the country.

While loading activities at the Dangote refinery were said to be low-key, fuel importers appeared to be taking advantage of the situation, even as consumers continued to bear the burden of higher pump prices nationwide.

Courtesy – The Punch

With the commercial bid conference for the 2025 Licensing Round, a major step in the allocation of 50 oil and gas blocks to qualified investors, billed for Tuesday July 21, 2026, over 143 companies are poised to slug it out for allocations.

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has revealed that only companies which successfully passed the technical and prequalification stages of the exercise have been invited to attend the event, scheduled for the Conference Centre of Transcorp Hilton Hotel, Abuja.

Biztellers reports that attendance is strictly by invitation.

The commercial bid conference is expected to determine the successful bidders for oil and gas assets spread across several producing and frontier basins in Nigeria.

The 50 blocks on offer comprise 16 onshore blocks in the Niger Delta, 18 shallow water blocks in the Niger Delta, one deep offshore block, three onshore blocks in the Benin Basin, four in the Anambra Basin, four in the Chad Basin and four in the Benue Trough.

According to the commission, the winning bids will be determined through a transparent evaluation process based on clearly defined commercial parameters. These include the signature bonus offered by bidders, the proposed work programme commitment and the level of performance security provided. The final selection will be based on a weighted technical and commercial score.

The licensing round is being conducted under the provisions of the Petroleum Industry Act (PIA) 2021, which requires a transparent and competitive process for the award of petroleum assets.

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The NUPRC had announced the commencement of the 2025 Licensing Round on November 11, 2025, before opening the online bid portal on December 1, 2025, to enable interested companies register and participate in the exercise.

To ensure prospective investors fully understood the requirements, the commission organised a pre-bid conference on January 14, 2026, at Eko Hotels and Suites, Lagos. The event provided detailed explanations on the licensing guidelines and bidding procedures to registered participants and other stakeholders.

Registration and submission of prequalification documents closed on February 27, 2026, while the prequalification evaluation was completed on March 16, 2026.

The NUPRC disclosed that 286 companies initially submitted applications for prequalification.

Following the evaluation process, 196 companies were cleared to participate in the technical and commercial bid stages.

Out of the prequalified firms, 143 companies eventually submitted a total of 200 bids for the available oil and gas blocks. These companies are now set to compete at the commercial bid conference, where the financial offers will be opened and evaluated to determine the eventual winners.

The licensing round is expected to attract fresh investment into Nigeria’s upstream petroleum sector, boost exploration activities across both producing and frontier basins, increase crude oil and gas reserves, and support the country’s drive to grow production and government revenue. It also underscores the regulator’s commitment to implementing a transparent, competitive and investor-friendly licensing regime under the PIA.

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has advised the newly awarded holders of Petroleum Prospecting Licences (PPLs) to focus on developing their assets as quickly as possible and engaging responsibly with host communities in line with the Petroleum Industry Act (PIA).

The Commission Chief Executive, Oritsemeyiwa Eyesan, gave the charge during the signing ceremony of the second batch of winners of the 2022/2023 Mini Bid Round and the 2024 Licensing Round.

According to Eyesan, licence holders must prioritise host community obligations in order to succeed.

“As licencees, you are expected to execute your approved work programmes diligently, honour your financial commitments, comply fully with the provisions of the PIA, the applicable regulations and these contractual documents.

“The Commission equally expects the highest standards of health, safety, environmental protection and responsible engagement with host communities,” the NUPRC boss said.

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In a statement by NUPRC’s Head, Media and Corporate Communications, Eniola Akinkuotu, the NUPRC boss said the licensees awarded under the 2022/23 Mini Bid Round and the Nigeria 2024 Licensing Round are expected to stimulate exploration activities, attract additional investment, accelerate the development of Nigeria’s hydrocarbon resources and contribute meaningfully to the nation’s energy security and economic development.

These objectives, she said, are closely aligned with the Federal Government’s strategic aspiration to increase Nigeria’s crude oil production to 2 million barrels per day by 2027, while positioning the country to achieve a long-term production target of 3 million barrels per day by 2030.