Nigerian Depots Release New Diesel Rates, Increase Prices Amid Rising Crude Oil Costs
- Diesel prices at Nigerian depots have risen above N2,000 per litre
- The increase is driven by higher global crude oil prices and supply constraints
- Retail pump prices are expected to rise as marketers adjust to higher costs
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Oluwatobi Odeyinka is a business editor at Legit.ng, covering energy, the money market, technology and macroeconomic trends in Nigeria.
Diesel prices across major depots in Nigeria have risen above N2,000 per litre, following fresh increases linked to higher global crude oil prices and tightening supply conditions.
According to market checks conducted by Petroleumprice.ng on April 7, 2026, several private depots in key locations adjusted their Automotive Gas Oil (AGO) prices upward, reflecting growing cost pressures in the downstream oil sector.
Source: Getty Images
Prices surge across major supply hubs
In Lagos, Nipco depot raised its price to N2,020 per litre, while Obat and Matrix depots quoted N2,200 per litre. Ibeto depot also sold diesel at N2,000 per litre, indicating a consistent upward trend across the state.
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A similar pattern was recorded in Port Harcourt, where Sigmund and Matrix depots priced diesel at N2,200 per litre.
In Warri, Prudent depot sold at N2,000 per litre, while A.Y.M Shafa and Matrix depots offered the product at N2,200 per litre.
Meanwhile, supply challenges persisted in Calabar, with reports indicating limited availability of diesel in the area.
Rising crude oil prices drive increases
The price surge is largely attributed to the continued rise in global crude oil benchmarks, which has pushed up procurement and logistics costs for importers.
As of 1:30 pm WAT, Brent crude traded at $110.4 per barrel, reflecting a 0.72% increase, while West Texas Intermediate rose to $115.0 per barrel, gaining 2.26%.
Industry sources noted that the sustained rally in crude prices has increased replacement costs, prompting depot operators to adjust their prices accordingly.
Dangote refinery prices remain lower
Despite the increase among private depots, ex-depot pricing from the Dangote Refinery remains relatively lower, with its gantry price currently at N1,750 per litre.
However, market analysts suggest that upward adjustments from the refinery may occur soon as cost pressures continue to build across the sector.
Source: Getty Images
Consumers may face higher pump prices
Stakeholders in the downstream sector warned that the increase at the depot level is likely to affect retail pricing in the coming days.
As marketers respond to higher landing costs, end users, including businesses and households, may experience a rise in diesel prices at the pump.
The development highlights the sensitivity of Nigeria’s diesel market to global oil price movements, especially amid ongoing geopolitical tensions affecting supply chains.
Dangote Refinery threatens full export
Legit.ng earlier reported that the Dangote Refinery has threatened to fully supply the international market and deny Nigerians fuel if the Nigerian authorities continue to grant import licences to importers.
Sources within the mega refinery disclosed that management is considering exporting all petroleum products in response to the continued issuance of petrol import licences, despite official claims to the contrary.
Experts caution that a full export of Dangote’s output could have immediate consequences for Nigeria. They argued that reduced local supply may lead to fuel shortages, long queues at filling stations, and renewed upward pressure on pump prices. Such an outcome would reverse recent stability in the downstream sector.
Source: Legit.ng
