Dangote, Other Depot Owners Continue to Sell Petrol at High Price despite Drop in Crude Rate
- Nigeria's petrol and diesel prices defy global trends, remaining high despite a 5% drop in crude oil prices
- Diesel prices in Warri and Port Harcourt sees significant week-on-week increases, reflecting local supply pressures
- Persistent supply constraints lead to elevated depot prices, overshadowing recent declines in international crude benchmarks
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Nigeria’s downstream petroleum market continues to move against global trends as depot prices for petrol and diesel remain elevated despite a roughly 5 per cent decline in international crude oil prices.
Data from Petroleumprice.ng on February 2, 2026, shows that Premium Motor Spirit (PMS) and Automotive Gas Oil (AGO) prices across key depots have stayed firm, with some locations recording fresh increases.
Source: Getty Images
Market watchers say the pricing behaviour reflects local supply pressures rather than global oil fundamentals, underscoring the persistent disconnect between crude benchmarks and domestic fuel pricing.
AGO prices edge up in Warri, Port Harcourt
Diesel prices showed the clearest signs of firmness in southern trading hubs. In Warri, depot prices converged at higher levels as operators adjusted upward.
Edo Refinery maintained its AGO price at ₦950 per litre, while Nipco raised its price from ₦946 last week to ₦950. Prudent Depot also quoted ₦950, effectively pushing Warri AGO prices from a ₦946–₦950 range to a flat ₦950 per litre.
Port Harcourt recorded a sharper movement. While Sigmund sold AGO at ₦955 per litre last Friday, Bulk Strategic quoted ₦972 per litre on Monday.
This represents a significant week-on-week increase, even as international crude prices softened.
In contrast, Lagos depots recorded mild downward adjustments, suggesting slightly better liquidity.
Ibeto eased from ₦920 to ₦917 per litre, Menj adjusted from ₦930 to ₦918, and Ibachem moved from ₦920 to ₦917, keeping Lagos AGO prices largely range-bound.
PMS prices remain firm across major depots
Petrol prices also showed resilience across the country. In Port Harcourt, Masters sold PMS at ₦835 per litre, while Bulk Strategic quoted ₦850.
This compares with last Friday’s prices, when Stockgap sold at ₦835 and Sigmund at ₦855. As of today, Sigmund adjusted down to ₦835, while Stockgap eased slightly to ₦833, reflecting selective corrections rather than a broad price drop.
Warri depots recorded marginal increases. Zamson and Danmarna, which sold PMS at ₦816 per litre on January 30, adjusted prices to ₦820 per litre by February 2, confirming a modest week-on-week rise.
In Lagos, PMS prices remained relatively stable, with Nipco selling at ₦799 per litre and Aiteo at ₦797, keeping the city the cheapest major PMS market.
Supply constraints override crude price signals
Industry analysts attribute the sustained high depot prices to physical supply constraints rather than international oil movements.
Product availability remains tight, import licences were only recently issued, and several jetties across key corridors are reportedly inactive, with no confirmed vessel arrivals.
With empty jetties and delayed cargo inflows, depot owners are holding on to available stocks to manage replacement costs and protect margins.
This has led to cautious pricing behaviour and persistent firmness, particularly in supply-constrained markets such as Warri and Port Harcourt.
Source: Getty Images
Overall, the latest pricing trend reinforces a familiar pattern in Nigeria’s downstream sector: depot prices continue to respond more to logistics, supply tightness and local market conditions than to global crude oil prices, keeping fuel costs elevated across major trading hubs despite falling crude benchmarks.
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Legit.ng earlier reported that the National Bureau of Statitics released the average retail price of Premium Motor Spirit (PMS), commonly known as petrol, which dropped by N1,048.63 in December 2025.
This represented an 11.81% year-on-year decline compared with N1,189.12 recorded in December 2024.
On a month-on-month basis, the average price also fell by 1.20% from N1,061.35 in November 2025.
Proofreading by Kola Muhammed, copy editor at Legit.ng.
Source: Legit.ng
