Petrol Prices Rise as Marketers Announce New Pump Rates Nationwide
- Petrol marketers across Nigeria have announced new pump prices following a sharp rise in depot costs at major hubs
- The Dangote Refinery raised its depot price from N1,200 to N1,266 per litre, with several other suppliers also adjusting rates upward
- Some filling stations are already selling petrol above N1,300 per litre, with prices in certain locations reaching as high as N1,400
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Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
Petrol marketers across Nigeria have adjusted their pump prices upward after depot costs rose significantly at major petroleum hubs, including Lagos, Calabar, Port Harcourt and Warri.
In Calabar, depot prices reached as high as N1,290 per litre.
The Dangote Refinery, one of the country's key domestic suppliers, moved its price from N1,200 to N1,266 per litre.
Source: Getty Images
Data from Petroluemprice.ng revealed that Pinnacle Oil followed with a similar increase, also moving to N1,266 per litre, while African Terminal and Integrated set their depot rate at N1,268 per litre.
Among independent depots, Masters recorded a price of N1,285 per litre.
Liquid Bulk, Sigmund and T.S.L each moved to N1,278 per litre.
Why Depot Petrol Prices Are Rising
Vanguard reports that the adjustments come against the backdrop of a climb in international crude oil prices.
Brent crude futures recently rose to around $90.49 per barrel, driven partly by renewed tensions in the Middle East and growing concerns over disruptions to global oil supply.
When crude prices increase, the replacement cost of petroleum products rises for refiners and importers, which in turn feeds into what marketers pay at the depot level.
Distribution costs, including transportation, storage and logistics, add further pressure before fuel even reaches the consumer.
What Nigerians May Pay at the Pump
Checks showed that some filling stations were already pricing petrol above N1,300 per litre, with certain locations quoting between N1,350 and N1,400 per litre.
Source: Getty Images
Sustained increases at this level could push up transportation fares and raise operating costs for businesses that rely on petrol-powered generators.
The ripple effects may extend to food prices and other everyday goods, as higher energy and logistics costs move through the supply chain.
Marketers and consumers alike will be watching how depot prices and global crude movements shape petrol pricing across Nigeria in the coming days.
Dangote raises petrol price 3 times in 9 days
Earlier, Legit.ng reported that Dangote Petroleum Refinery raised its Premium Motor Spirit gantry price by N65 on August 29, bringing the figure to N1,265 per litre and marking the third upward adjustment in less than two weeks.
The refinery had previously moved its PMS price from N1,165 to N1,185 per litre on August 20, then again to N1,200 on August 25.
Taken together, the three increases added N100 per litre to the refinery's benchmark price in nine days. That gap of roughly N64 to N65 below the new Dangote benchmark means depot operators
Source: Legit.ng
