Diesel Prices Surge Nationwide as Dangote Raises Depot Rate to N950
- Diesel prices have surged again at the depots nationwide after a brief respite last week
- The latest increase is driven by Dangote Refinery, which raised its prices to N950 per litre
- Analysts say if the current trend continues, there may a spike in logistics and inflation
Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
Diesel prices at depots have surged again, reversing last week’s brief crash caused by market oversupply.
The increase is linked to the Dangote Refinery, which raised its gantry price from ₦910 to ₦950 per litre, prompting other depot operators to adjust rates upward.
Source: UGC
The development is already tightening pressure on motorists, manufacturers, and logistics operators who depend heavily on diesel.
Depot prices rise nationwide
Fresh data from PetroleumPriceNG shows that diesel prices across major depots in Lagos, Warri, and Port Harcourt climbed from an average of ₦919 per litre last week to ₦983, a 7% weekly increase.
Many private terminals scrambled to align with Dangote’s new benchmark price, even those holding older stock.
In Lagos, operators such as Obat Oil, Integrated Oil, Pinnacle, Ibachem, and AIPEC raised their prices to around ₦975 per litre, up from ₦918–₦920.
Global oil markets fuel local surge
The price hike coincides with rising crude oil costs in the global market. U.S. sanctions on major Russian oil companies tightened supply and pushed crude benchmarks higher, with Brent hitting $63.88 per barrel and WTI at $60.00.
Higher crude prices have increased landing costs for Nigerian importers, translating to elevated depot prices nationwide.
Warri records the sharpest increase
Depots in Warri saw the steepest jump, with NIPCO, Optima, Rainoil, Prudent, and AYM Shafa moving their rates from ₦949 to as high as ₦1,054 per litre.
Traders say increased demand from northern-bound distributors, who favour Warri for its shorter turnaround time, is amplifying price pressure in the region.
Port Harcourt prices follow upward trend
In Port Harcourt, depots including Bulk Strategic and Master Energy raised diesel prices to between ₦990 and ₦995 per litre, up from ₦978–₦981.
Experts attribute the rise to higher freight costs and reduced import activity through the eastern corridor.
Market watches Dangote as analysts warn of inflation risks
This marks one of the sharpest weekly increases in diesel prices since September.
Market observers say Dangote Refinery’s pricing decisions now set the tone for private depots nationwide.
Source: UGC
Energy analysts warn that if high diesel prices persist, Nigeria could face rising logistics and manufacturing costs, a scenario that may accelerate inflation as the year winds down.
Dangote Refinery Hits new milestone in petrol, diesel production
Legit.ng earlier reported that the massive Dangote Refinery hit a new milestone, trucking out a humongous N70 million litres of petrol and diesel daily.
The massive Dangote Refinery has reached a new milestone, producing and distributing over 70 million litres of petrol and diesel daily, a volume that now exceeds Nigeria’s total fuel consumption.
Chief Branding and Communications Officer of Dangote Refinery, Tony Chiejine, announced the achievement, noting that the refinery’s operations are driven by the goals of national energy security and consumer confidence.
Source: Legit.ng
