Marketers Increase Petrol Depot Prices as NNPC Releases New Price List Nationwide

• Depot owners have hiked the prices of petrol nationwide, which has caused a spike at the pumps
• Industry data shows that crude oil prices surged on Monday, June 23, 2024, selling at $77.88 for Brent crude per barrel before moderating
• Analysts have blamed the depot price hikes on rising demand, loading and logistics costs nationwide

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

Oil marketers have raised the depot prices of PMS following rising demand and crude oil price spikes caused by the Middle East tension.

As of Monday, June 23, 2025, Brent crude sold at $77.88 per barrel and WTI at $74.67, with depot owners nationwide already adjusting prices upwards.

Depot prices in Lagos, Calabar and other areas

However, new data shows that crude oil prices slumped on Tuesday, June 24, 2025, as the US announced a ceasefire between Iran and Israel.

According to information from Petroleumpriceng, depot prices for petrol and diesel shot up and are set to increase further this week if the ongoing Middle East tension continues.

As of June 20, 2025, depot prices in Lagos indicated pump price increases at N880 for petrol and N1,055 for diesel, respectively.

According to reports, NIPCO sold its petrol at N920 and diesel at N1,100 per litre, while WOSBAB’s price was fixed at N920 for PMS and N1,050 for diesel.

At the Warri depots, Matrix Energy sold petrol and diesel at N925 and N1,05O per litre, respectively, while petrol at A&E was sold at N920.

Mainland in Calabar sells its petrol prices at N935 per litre, while Fynfield sells at N928.

In Port Harcourt, depot owners, such as Bulk Strategic, sold their diesel at N1,100 per litre, while Sigmund sold petrol at N930.

Crude oil prices spike globally

Due to this, risks have returned to oil trading, with buyers factoring in worst-case scenarios.

Energy experts have disclosed that the ongoing Middle East tension has continued to create uncertainty in oil supplies.

“The volatility in fuel prices is obviously due to the Middle East crisis. Petrol prices are susceptible to international crude oil prices. Nigeria is not exempt from global shocks caused by crude instability,” Policy energy analyst, Adeola Yusuf, said.

"Hopefully, with the ceasefire agreed between Israel and Iran, crude oil prices can begin to moderate and reflect on domestic fuel prices,” he said.

Dangote Refinery imports crude

Also, the price increase by Dangote Refinery affected depot prices.

The refinery has imported over 17 million barrels of crude oil in the last four months due to domestic supply shortfalls.

Aliko Dangote, Chairman of the Dangote Group, blamed insufficient domestic supplies as the reason for importing crude oil mostly from the US.

The naira crashes in FX markets

Additionally, forex and logistics costs have now been added to ex-depot pricing.

Data from the parallel segment of the Nigerian foreign exchange market shows that the naira traded at N1,605 per dollar, which affected imported petroleum product prices.

Depot owners are now adjusting prices to reflect transport, handling, and distribution costs, especially as loading pressure intensifies at other jetties nationwide.

Additionally, independent marketers are revising loading and downstream logistics costs, especially for the North.

With Dangote PMS at ₦880, Matrix Warri at ₦925, and Mainland Calabar at ₦935 depot-level, prices are quickly filtering via the retail segment.

Full list of NNPC's new petrol prices

Legit.ng earlier reported that retail outlets under the Nigerian National Petroleum Company Limited (NNPC) have raised their pump prices to N945 per litre in Abuja, effective Monday, June 23, 2024.

They also adjusted their petrol prices to N915 per litre in Lagos, marking a new upward price review.

The state oil firm’s price review follows a similar increase by Africa’s largest Dangote Refinery, on Friday, June 20, 2025.

Source: Legit.ng