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Private petroleum depots across Lagos and other major fuel trading hubs have increased the ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol, to as high as ₦800 per litre, Sunday PUNCH has observed.
Data obtained from petroleumprice.ng on Friday show that average depot prices jumped sharply within 48 hours, tightening marketers’ margins and fuelling concerns over an imminent rise in retail pump prices nationwide.
Lagos Depots Record Sharp Adjustments
In Lagos, the Dangote Petroleum Refinery depot — which typically offers the lowest prices — sold PMS at ₦703 per litre on Friday, a slight increase from ₦702.50 recorded on Wednesday, December 31, 2025.
While Dangote’s adjustment was marginal, other private depots implemented steeper hikes. Eterna and Integrated depots raised their prices to ₦800 per litre on Friday, up from ₦726 per litre at Shellplux and AIPEC earlier in the week — a ₦74 jump within two days.
Aiteo and Lister depots also increased prices to ₦780 per litre, compared with the ₦750–₦760 range recorded on Wednesday.
Warri Market Sees Faster Price Surge
The impact was more pronounced in Warri, one of Nigeria’s key petroleum logistics hubs. Matrix Energy and other major depots sold petrol at ₦800 per litre on Wednesday, but prices climbed further to as high as ₦805 per litre by Friday.
Market sources attributed the quicker reaction in Warri to tighter supply lines, higher transportation costs, and marketers repositioning stock ahead of anticipated scarcity.
Dangote Refinery Shutdown Drives Market Tension
The latest increase comes barely weeks after the Dangote Petroleum Refinery slashed its petrol gantry price from ₦828 to ₦699 per litre in December. The price cut, which took effect on December 11, 2025, marked the refinery’s 20th petrol price adjustment in the year and helped moderate prices following the removal of fuel subsidies.
However, market operators have linked the current price surge to the temporary shutdown of the refinery’s petrol unit, which had become a major domestic PMS supplier.
Importers Move to Recover Losses
Commenting on the development, the Chief Executive Officer of petroleumprice.ng, Jeremiah Olatide, said the price increase was a calculated response by importers seeking to recover losses recorded in December.
“This price uptick is a deliberate move by importers to recoup losses from the massive price slash by the Dangote Refinery,” Olatide said.
He explained that many importers were forced to sell petrol below landing costs when Dangote sold PMS at around ₦699 per litre.
Olatide added that marketers are already factoring in possible supply tightness in January due to ongoing upgrades at the Dangote Refinery, which could temporarily limit domestic supply.
“Importers believe there may be supply constraints in January because of the refinery’s plant upgrade, and they see this as an opportunity to make up for December losses,” he noted.
According to him, some depot operators are deliberately holding back volumes, waiting to sell at higher prices once any supply disruption emerges.
“They are keeping products in storage, hoping to sell above their landing cost as soon as there is a supply glitch,” he said.
Exchange Rate, Crude Oil Add Pressure
Despite the strategy, Olatide cautioned that the situation may not last long, noting that the Dangote Refinery could respond aggressively once supply normalises.
With Dangote’s output temporarily curtailed, private depot owners have repriced available stock, citing replacement costs, foreign exchange volatility, and uncertainty around import schedules.
The petroleumprice.ng report also noted that Brent crude closed at $60.20 per barrel on Friday, while the naira weakened further in the parallel market to ₦1,495/$, from ₦1,475/$ on Wednesday — adding pressure to fuel pricing.
Pump Price Increase Looms
Depot price movements typically precede changes at filling stations, and industry watchers warn that sustained increases could push retail petrol prices beyond ₦700 per litre in several cities.
Marketers say margins remain under pressure from logistics costs, financing challenges, and volatile exchange rates, making depot price increases difficult to absorb without adjusting pump prices.
Since the full deregulation of Nigeria’s downstream petroleum sector, petrol prices have been driven by market forces such as crude oil prices, exchange rates, logistics, and supply availability. While the 650,000 barrels-per-day Dangote Refinery had raised hopes of price stability through local supply, its temporary shutdown has once again exposed the fragility of Nigeria’s fuel supply dynamics.
