The incident, according to an official of the Corporation who spoke with our correspondent occurred in the loading section of the depot.
The development caused traffic gridlock on Apata-Abeokuta Road.
There has been no official statement as of the time of filing this report, as men of the State Fire Service were battling hard to put off the fire.
The depot was reopened for operation two years ago after many years of neglect.
The reopening of the depot was part of the turn-around maintenance of the government to ease fuel loading and distribution.
The then NNPC Group Managing Director, Maikanti Baru, said that President Muhammadu Buhari was concerned about the ease of fuel distribution and supply to every part of the company, which he said informed his commitment to upgrading of storage facilities across the country.
He stated that the reopening of the depot would ease the stress of transporting fuel from Lagos to Ibadan.
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