Fuel Prices Rise Across Lagos, Abuja, others as Geopolitical Tensions Drive Crude Oil Costs Higher

• Ex-depot fuel prices in Nigeria increased, driven by the ongoing crisis between Iran and Israel, which has led to rising crude oil prices
• MEMAN's CEO, Mr. Clement Isong, warned that if the conflict persists, retail fuel costs could also rise
• The price hikes across various fuel stations, with Dangote Refinery's ex-depot price rising to N840 per liter

Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.

Ex-depot fuel prices increased nationwide on Wednesday, according to the Major Energy Marketers Association of Nigeria (MEMAN), which attributed the increase to the ongoing crisis between Iran and Israel.

In an interview with New Telegraph, MEMAN's CEO and Executive Secretary, Mr. Clement Isong, clarified that the cost of refined petroleum products is directly impacted by the geopolitical concerns in the Middle East, which have resulted in an increase in crude oil prices.

“Yes, I’m told that ex-depot prices are higher. The increases were caused because Israel and Iran are fighting now. Crude oil prices have gone up, and crude oil prices are directly correlated with refined products pricing,” Isong said.

He cautioned that if the fighting continues, retail fuel costs would soon increase as well. “I suspect they will resolve their quarrel quickly. I hope they resolve it quickly,” he added.

The price increase was supported by data from Petroleumprice.ng, Nigeria's leading online resource for petroleum market intelligence. According to the platform, the ex-depot gasoline prices at Dangote Refinery went up from N825 to N840 per liter, Rainoil's went up from N850 to N900 per liter, and Fynefield and Mainland went up to N930 and N920, respectively. NIPCO increased from N827 to N895, Aiteo went from N825 to N840 per liter, Matrix in Warri was selling at N910, and Sigmund was selling at N920 per liter.

According to the MEMAN Competency Center's most recent energy bulletin, the landing cost of gasoline was N914.15 per liter as of Tuesday, with a 30-day average of N898.23. Aviation fuel (ATK) cost N1,208.75 per liter with a 30-day average of N939.75, while diesel cost N1,076.56 per liter with a 30-day average of N985.79.

At the Dangote Refinery, the price of gantry was N835 per liter, while the price of Liquefied Petroleum Gas (LPG) was N840,000 per metric ton.

The research states that ex-depot rates for gasoline in Lagos ranged from N842 to N910 per liter, diesel from N998 to N1,020 per liter, ATK from N962 to N1,020 per liter, and LPG from N845 to N870 per kilogram. The pricing ranges for gasoline, diesel, and ATK in Warri were N889 to N910, N1,010 to N1,015 per liter, and N1,010 to N1,012 per liter, respectively.

The price of petrol ranged from N896 to N920 per liter in Port Harcourt and from N915 to N920 per liter in Calabar. LPG cost between N900 and N910 per kilogram, while diesel cost between N1,100 and N1,102 per liter in Port Harcourt. The cost of a normal cubic meter of compressed natural gas (CNG) for automobiles varied from N230 to N450.

The Dangote Refinery is scheduled to ship its first petroleum cargo to Asia, according to a report by the international news agency Reuters. According to an unidentified source, Mercuria, a worldwide energy trading company, is in charge of the 90,000-metric-ton shipment that is expected to load on June 22. Dangote's refined fuel will be exported outside of West Africa for the first time.

“We sell our products to those who are willing to give us the highest price. It’s the buyer’s right to take the products to any destination of their choice,” a spokesperson for the refinery reportedly said.

In 2024, the $20 billion Dangote Refinery, capable of refining 650,000 barrels per day, started exporting petrol. Its exports had stayed in West Africa up until this point.

Price war begins as winners and losers emerge

Legit.ng reported a shake-up is underway in Nigeria’s downstream petroleum sector as the Dangote Refinery gears up for a nationwide fuel distribution network, set to launch on August 15, 2025.

This ambitious plan, backed by a fleet of 4,000 CNG-powered trucks and attractive incentives like free logistics and credit facilities, is poised to create a new order, crowning clear winners and leaving many traditional players facing an existential threat.

Experts have said that the move is already triggering a price realignment, with consumers watching keenly for a potential drop in the cost of petrol and diesel.

Source: Legit.ng