Petrol prices across Nigerian depots have climbed sharply, crossing the N1,300 per litre mark in several locations, as marketers react to rising global crude oil prices and Dangote Refinery's latest ex-depot price adjustment.
The fresh increase comes amid growing concerns over the escalating United States-Iran conflict, which has pushed Brent crude prices to $117 per barrel, alongside the unexpected withdrawal of the United Arab Emirates from OPEC, a move that has intensified fears of supply disruptions across global energy markets.
Dangote Refinery Raises Ex-Depot Price
The pressure intensified after Dangote Refinery increased its ex-depot petrol price by N75, raising it from N1,200 to N1,275 per litre. Coastal supply prices also moved higher to N1,215 per litre.
A refinery official confirmed the adjustment, explaining that the increase was necessary due to the rising cost of feedstock and operational pressures linked to the global oil market.
In addition, the refinery temporarily suspended its Proforma Invoice (PFI) entry process on Tuesday, causing disruptions in the loading of Premium Motor Spirit (PMS) and Automotive Gas Oil (AGO) across its distribution network. The suspension created uncertainty among marketers, many of whom rushed to secure available products before further adjustments.
Warri Emerges as Most Expensive Depot Market
According to data compiled by PetroleumPrice.ng, Warri currently records the highest depot prices for petrol. Nepal depot quoted N1,330 per litre, while Danmarna followed closely at N1,328 per litre. Pinnacle, Optima, and A&E also posted prices of N1,325 per litre.
In Calabar, Jenny depot sold at N1,315 per litre, while Northwest quoted N1,300. Lagos remained the cheapest market for now, although prices still rose significantly. Pinnacle and African Terminal quoted N1,280 per litre, Rain Oil sold at N1,290, A.A. Rano at N1,285, while Techno Oil stood at N1,295 per litre.
Diesel Prices Also Under Pressure
Automotive Gas Oil (diesel) prices also reflected the market tension. First Fortune in Warri quoted diesel at N1,950 per litre, while Nipco in Lagos sold at N1,920 per litre. Industry insiders say another upward review of diesel prices from Dangote Refinery may happen soon.
Pump Prices Set to Rise Nationwide
Retail pump prices are expected to rise within days as filling stations adjust to the new depot rates, with motorists in Warri and Calabar likely to face the sharpest increases.
Meanwhile, OilPrice.com reported that NNPC Limited raised the official selling prices of all 37 Nigerian crude grades for May-loading cargoes. Bonny Light increased by $6.13 per barrel, while Forcados rose by $7.01 compared to April, as international buyers place higher premiums on crude supplies outside the Strait of Hormuz route.
The development signals more pressure ahead for fuel consumers already struggling with rising transportation and living costs.
Diesel Scarcity Looms as Depot Stocks Dry Out
Legit.ng earlier reported that Nigeria's diesel market is showing clear signs of strain, with declining inventories and rising prices sparking fresh concerns about a potential supply squeeze. In Lagos, the country's main petroleum trading hub, depot stock levels have thinned significantly, leaving only a fraction of facilities with available product. Market data from PetroleumPriceNG indicates that just about 10 out of roughly 52 depots in Lagos currently have Automotive Gas Oil (diesel) in stock, and even those are operating with limited volumes.
