Petrol Price Hikes Loom, as Filling Stations Shut Down, Depot Owners Panic

• Several depot owners and fuel stations may hike prices as the Dangote Refinery has halted sales since Tuesday, June 17, 2025
• The halt in sales by the mega refinery comes amid rising crude oil prices in the international markets due to Middle East tensions
• There are fears that Dangote Refinery may resume sales with higher prices, which will cause nationwide price adjustments

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

Uncertainty has returned to Nigeria’s downstream sector following the suspension of fuel sales on Tuesday, June 17, 2025, by Dangote Refinery.

The move has also caused fears of imminent price increases, especially as global crude benchmarks rose due to the escalating Middle East tension between Iran and Israel.

Dangote Refinery may increase fuel prices

The halt in supply by the mega refinery, ahead of its planned nationwide fuel distribution, has caused jitters among depot owners and major fuel buyers.

Many expect the refinery to resume fuel sales with higher prices that could cause a ripple effect in the downstream sector.

Recently, Dangote’s pricing has influenced depot-level pricing nationwide, especially in Lagos.

Filling stations shut in Lagos

Findings by Legit.ng on Thursday, June 19, 2025, shows that several filling stations across Lagos have stopped selling PMS in anticipation of a hike.

Others, which manage to open, close early, as uncertainty spreads among marketers.

Already, the Major Energy Marketers Association of Nigeria (MEMAN) has confirmed an increase in depot prices.

Data from Petroleumpriceng shows that most depot operators are reluctant to release new prices, preferring to observe market dynamics.

According to the report, diesel prices have already crossed the N1,000 per litre ceiling in Lagos, and costs in other states are higher due to additional logistics costs.

Petrol depot prices nationwide

• Wosbab: ₦895
• Emadeb: ₦875

Diesel Prices in Lagos

• Nipco: ₦1,050 
• Ibachem: ₦1,000
• Petrol prices in Warri
• Matrix: ₦910
• Taurus – Diesel: ₦1,010

Petrol and diesel prices in Port Harcourt

• Sigmund – ₦920
• Bulk Strategic – ₦1,105

Petrol, and diesel prices in Calabar:

• Fynefield – ₦915

Analysts predict new fuel prices

Experts say these prices show growing market tension and speculation following rising crude oil prices in the international market caused by geopolitical risks and supply fears.

They say local refineries and depots are struggling to maintain stable prices.

The current market dynamic has left top players confused, as many believe Dangote’s eventual price adjustment will become the benchmark for depots nationwide.

If prices increase sharply, downstream costs could rise further, raising prices at the pumps for consumers battling high inflation and an unstable naira.

As uncertain in the global oil markets continue, Nigeria’s supply chain remains shaky, with watchers keenly observing Dangote Refinery’s next move and how quickly depot owners react to main supply chain.

Dangote, more depot owners increase petrol prices

Legit.ng earlier reported that 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.

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.

Source: Legit.ng