Petrol Prices Surge Across Depots Amid Crude Oil Price Spike, Dangote Offers N10 Rebate to Nigerians
- Depot owners have increased their fuel prices amid a spike in global crude oil prices as trade tensions eased between the US and China
- Data showed that depot owners increased petrol prices from N30 to N35, and diesel prices rose to N975 per litre
- Rainoil, Matrix, Fynfield, Ever and Aiteo all increased their depot prices to reflect the recent surge in global crude prices
Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
The price of petroleum products rose significantly across depots on Monday, May 12, 2025, with petrol and diesel prices rising by as much as N47 in some locations.
The increase comes amid global oil price recoveries as Brent crude rose by 3.69% and WTI spiked by 4.03%, driven by US-China trade tensions easing and tariff cuts.
Source: UGC
Petrol and diesel prices spike across depots
Findings showed that depot prices rose as petrol increased from N30 to N35 and diesel rose to N975 per litre.
Monday's price data showed a uniform upward movement in fuel prices across the board.
Data from Petroleumprice showed that in Lagos, Rainoil adjusted its depot prices by N31 per litre, from N839 to N870.
In Warri, Matrix adjusted by N35 per litre to N890 from N855, while in Calabar, Fynfield increased its depot prices by N35 to N905 per litre from N870, and Ever in Port Harcourt increased its depot prices to N896 from N866.
Top depots selling at new prices
Similarly, the depot owners adjusted diesel prices, with Rainoil increasing its depot prices from N925 to N970 per litre, and Aiteo increasing its prices from N913 per litre to N960.
In Warri, Matrix raised its diesel prices to N975 per litre from N960, and Taurus increased its prices to N974 per litre from N959.
Experts attributed the increase to the recent crude oil rebound, which started on Monday, May 6, 2025, as Brent crude rose to $66.27, a 3.69% increase, while WTI rose to $63.48 following a deal between the US and China to cut tariffs and ease trade disputes.
Reports say oil traders welcomed the move as they expected stronger global demand, and the optimism spilt into the local markets.
Depot owners adjusted their prices to reflect new replacement costs and rising international crude oil prices.
Dangote Refinery offers a rebate to buyers
Analysts have also said that the local price increase came amid intense rivalry between Dangote Refinery and depot owners, who accused the facility of trying to monopolise the fuel market in Nigeria.
Dangote introduced a N10 pre-loading rebate for PMS customers, allowing his partner stations to sell at lower prices while maintaining gantry prices at N835 per litre.
Source: UGC
The development forced depot owners to recalibrate their pricing structure, with some increasing prices to maintain profitability.
Oil marketers import more petroleum products
Legit.ng earlier reported that amid growing competition from Dangote Refinery, oil marketers are increasing petrol imports in a bid to secure supply and stabilise the market.
Data shows a surge in petroleum cargoes received at the ports in Lagos and Warri, Delta state.
At least five tankers have discharged over 194,000 metric tonnes of petrol, gas oil, and crude oil into high-volume depots at the Lagos and Warri ports.
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Source: Legit.ng
