Petrol Depot Prices Inch Slightly Up: Dangote Refinery, AP, MRS, Others Adjust Rates
- Nigeria's fuel market faced pressure as depot prices for petrol rose modestly amid global oil volatility
- Inflation hit a two-decade high, with transport and food costs driven by increasing petrol prices
- Petrol demand dropped 17% as Nigerians adapted to rising costs, shifting consumption patterns significantly
Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
Nigeria’s fuel market is showing fresh signs of strain as major depots and the Dangote Refinery quietly adjust Premium Motor Spirit (PMS) prices upward.
While the increases remain modest, many motorists are wondering: how long before they hit the pumps harder?
Source: Getty Images
Slight upward adjustments across key depots
As of Thursday, April 16, 2026, depot prices for petrol have inched up marginally, according to data tracked by PetroleumPriceNG and reported by Legit.ng.
Dangote Refinery raised its ex-gantry price from ₦1,200 to ₦1,209 per litre. Other notable adjustments include:
- Masters — ₦1,225 per litre
- NIPCO Lagos — ₦1,206 per litre
- Sigmund — ₦1,230 per litre
Private depots such as AP and MRS have also reflected similar subtle shifts. Experts believe these ex-depot changes will gradually translate to higher retail prices at filling stations nationwide, adding pressure on already stretched household budgets.
The adjustments come against a backdrop of persistent global crude oil volatility, worsened by the US-Iran standoff in the Strait of Hormuz.
Crude oil prices remain elevated
International benchmarks stayed firm on Thursday. Brent crude traded around $96.8 per barrel, West Texas Intermediate (WTI) at $92.41, and Murban at $100.4, per oilprice.com data.
This volatility stems from geopolitical risks. The US blockade of Iranian ports in the Strait of Hormuz, a critical chokepoint for global oil flows, continues to unsettle energy markets.
Analysts say failure to reach a quick US-Iran agreement could keep prices elevated or push them higher.
Energy policy analyst Adeola Yusuf told Legit.ng that a truce is expected soon, but the current blockade has heightened concerns among global energy players.
OPEC+ members have ramped up output to offset potential shortages, yet Nigerians remain exposed due to the country’s heavy reliance on imported and refined petroleum products.
Inflation hits two-decade high as energy costs bite
Nigeria’s headline inflation climbed to 15.38% in March 2026, up from 15.06% the previous month, the first rise in nearly a year and the highest monthly reading in two decades. Food and transport costs, heavily influenced by fuel prices, were key drivers.
With over 70% of vehicles in Nigeria running on petrol, even small depot hikes quickly ripple through the economy, affecting everything from commuting to generator use for businesses and homes.
Consumers cut back: Petrol demand drops 17%
Data from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) reveals a sharp behavioural shift.
Average daily PMS consumption fell to 47.3 million litres in March, down from 56.9 million litres in February — a 16.9% decline.
This drop wasn’t accidental. In recent weeks, depot prices were adjusted seven times (five increases, two reductions), creating uncertainty. Pump prices hovering above ₦1,200 per litre in many areas forced quick adaptations:
- Transport operators cut trips
- Small businesses have limited generator runtime
- Households rationed fuel use
In a deregulated market, Nigerians have little choice but to adjust consumption when prices rise.
Supply picture: Imports step in to fill gap
While demand eased, total petrol supply edged up modestly from 39.5 million litres per day in February to 40.1 million litres per day in March (a 1.5% increase). However, the composition shifted noticeably.
Domestic supply declined from 36.5 million litres per day to 34.2 million litres per day. In contrast, imports nearly doubled — jumping from 3.0 million litres per day to 5.9 million litres per day, a 97% surge.
Dangote Refinery still supplies the bulk of local gasoline, over 72% of national consumption according to NMDPRA, but marketers increasingly turned to imports to maintain availability and prevent widespread shortages or queues.
The reduced consumption has eased some pressure on the supply chain, allowing products to circulate more freely in certain areas despite the marginal overall supply growth.
What this means for Nigerians
These subtle depot price increases highlight the fragility of Nigeria’s fuel market.
Global tensions in the Strait of Hormuz, combined with domestic inflation and repeated price volatility, continue to squeeze consumers. While a US-Iran truce could bring relief, the immediate outlook suggests Nigerians will keep paying a premium for petrol.
Source: Getty Images
Many are already changing habits, driving less, consolidating trips, or seeking alternatives where possible.
In the longer term, greater domestic refining stability from facilities like Dangote could help buffer against external shocks, but for now, the market remains sensitive to every global ripple.
Depot owners keep fuel prices steady
Legit.ng earlier reported that Nigerian motorists received a welcome breather on Monday, April 13, 2026, as depot owners kept Premium Motor Spirit (PMS) and Automotive Gas Oil (AGO) prices steady despite a sharp rally in global crude oil markets.
While Brent crude climbed to $100.4 per barrel (up 5.45%) and West Texas Intermediate hit $101.6 (up 5.22%) by mid-afternoon, downstream operators adopted a wait-and-see approach, heavily influenced by Dangote Refinery's pricing signals.
According to mid-day reports from Petroleumprice.ng covering major hubs in Lagos, Port Harcourt, Warri, and Calabar, most marketers held last week’s levels.
Proofreading by Funmilayo Aremu, copy editor at Legit.ng.
Source: Legit.ng
