Dangote, More Depot Owners Increase Petrol Prices Amid Jump in Crude Oil Costs

• Dangote Refinery and other depot owners have increased their prices by over 14 per cent due to the rising global crude oil prices
• Data from depots across the country shows that diesel and petrol saw sharp increases in two days
• The development came as Israel struck Iran’s military infrastructure, and Iran’s retaliatory attacks

Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.

Fuel depot owners have increased their prices in response to a global oil spike.

Between Wednesday, June 11, and Friday, June 13, 2025, fuel prices rose sharply by as much as 14.6% in some locations.

Crude prices spike globally

The development came amid a notable rally in global crude oil prices. Brent gained about 5.54%, closing at $73.20, WTI hit 5.58% to $71.84, while Murban crude rose 4.84% to sell at $72.60 per barrel.

According to reports, in Lagos, diesel prices saw the sharpest increase. NIPCO increased its prices to N1,100 from N960, representing a 14.58% increase. Ibeto raised its diesel prices from N950 to N1,000, a 5.26% spike.

Dangote, others raise diesel prices

Meanwhile, Dangote also adjusted its prices upward from N950 to N955 per litre, a 0.53% increase.

Petrol prices also increased across the board, with Dangote raising prices from N827 to N840 per left, representing 1.57%, Menj increased prices from N826 to N850, representing 2.91% spike.

Also, Rainoil increased its prices from N830 to N850 per litre, an increase of 2.41%.

In Warri, Matric and Optima raised their diesel prices marginally, from N995 to N1,000, a 0.5% increase.

Prudent raised its depot prices from N850 to N856 per litre, an increase of 0.71%, while Fortune increased its diesel prices from N850 to N860, representing a 118% increase.

Depot prices increase nationwide

In Port Harcourt, depot owners significantly increased their diesel prices, Bult Strategic adjusted its prices from N1,010 to N1,100, an 8.91% increase.

Ever increased its petrol prices slightly from N866 per litre to N870, a 0.46% increase.

In Calabar, depot owners reduced petrol prices marginally despite the reported increase in other areas.

Petroleum price reported that Nortwest raised its prices from N869 to N865, representing a 0.46% reduction, while Fynfield lowered prices from N869 to N867, dropping by 0,23%.

Experts say the increase in crude oil prices was due to the rising Middle East tensions following Israel’s strikes on Iranian military facilities, sparking immediate fears of a wider regional conflict. Iran launched a retaliatory drone attack, raising concerns over supply risks.

Importers move to adjust prices

According to analysts, traders are worried about the potential disruption of the Strait of Hormuz, a crucial waterway for global oil shipments.

Due to the current geopolitical climate, depot prices may increase further, as oil traders are rapidly adjusting their forecasts.

Nigerian importers are also recalculating cost implications, which might spark other price adjustments, should the tensions persist.

The development could translate into higher pump prices in the coming weeks, with market regulators coming under pressure to respond rapidly to adequate supply.

Marketers propose new petrol prices

Legit.ng earlier reported that the Independent Petroleum Marketers Association of Nigeria (IPMAN) has proposed a new PMS price for the Dangote Refinery.

The association said the mega refinery should sell petrol below the current N825 per litre ex-depot price.

IPMAN’s publicity secretary, Chinedu Ukadike, disclosed this recently, stating that the refinery has all the enabling reasons to sell petrol below the current gantry price.

Source: Legit.ng