Private petroleum depots in Lagos and other major fuel trading centres have increased the ex-depot price of Premium Motor Spirit (petrol) to as high as N800 per litre, according to findings by SNOW TV NEWS
Data sourced from petroleumprice.ng on Saturday showed a sharp rise in average depot prices within 48 hours, squeezing marketers’ margins and sparking concerns over a possible nationwide increase in pump prices.
In Lagos, the Dangote depot—typically the cheapest source—sold petrol at N703 per litre on Friday, slightly up from N702.50 on Wednesday, December 31, 2025. While the increase there was marginal, several other private depots implemented steeper hikes.
Eterna and Integrated depots raised their prices to N800 per litre on Friday, up from N726 per litre at Shellplux and AIPEC earlier in the week, representing a N74 jump within two days. Aiteo and Lister depots also adjusted prices upward, selling petrol at N780 per litre compared to the N750–N760 range recorded midweek.
The situation was even more pronounced in Warri, a key petroleum logistics hub. Prices, which stood at N800 per litre on Wednesday at depots such as Matrix Energy, climbed further to as much as N805 per litre by Friday. Analysts attributed the quicker reaction in Warri to tighter supply lines and higher transportation costs as marketers reposition stocks in anticipation of scarcity.
The recent increases follow a price cut by the Dangote Petroleum Refinery in December, when it reduced its petrol gantry price from N828 to N699 per litre, effective December 11, 2025—the refinery’s 20th price adjustment of the year.
Market operators linked the current surge to the shutdown of the petrol unit at the Dangote Refinery, which had helped stabilise prices after the removal of fuel subsidies. The Chief Executive Officer of petroleumprice.ng, Jeremiah Olatide, said importers raised prices to recover losses incurred after Dangote’s aggressive price slash forced many to sell below landing costs.
Olatide added that marketers are factoring in potential supply constraints in January due to the refinery’s ongoing upgrade, with some depot operators reportedly holding back stock in anticipation of higher prices. However, he warned that the strategy may be short-lived if the Dangote Refinery responds once supply stabilises.
Further pressure on fuel prices has come from foreign exchange volatility and global oil trends. Brent crude closed at $60.20 per barrel on Friday, while the naira weakened to N1,495/$ at the parallel market, compared to N1,475/$ earlier in the week.
Industry watchers caution that depot price hikes often precede increases at filling stations, raising the likelihood that pump prices could exceed N700 per litre in several cities if the trend persists. Marketers say rising logistics costs, financing challenges, and exchange rate instability have made it difficult to absorb depot increases without passing costs on to consumers.
Despite expectations that the 650,000-barrel-per-day Dangote Refinery would stabilise fuel prices through local refining, its temporary shutdown has highlighted the fragility of Nigeria’s fuel supply dynamics, especially amid costly imports.
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