Private petroleum depots across Lagos and other major fuel trading hubs have raised the ex-depot price of Premium Motor Spirit (petrol) to as high as N800 per litre, sparking fresh concerns over a possible nationwide increase in pump prices. Data obtained from petroleumprice.ng show that average depot prices climbed sharply within 48 hours, squeezing marketers’ margins and signalling imminent pressure on retail prices. In Lagos, Dangote depot, known for offering the lowest rates, sold petrol at N703 per litre on Friday, a marginal increase from N702.50 earlier in the week, while other depots recorded steeper hikes.
Eterna and Integrated depots raised prices to N800 per litre on Friday, up from N726 per litre at Shellplux and AIPEC earlier in the week. Aiteo and Lister depots also adjusted prices upward to N780 per litre, compared with the N750–N760 range recorded on Wednesday.
The increase was more pronounced in Warri, a key petroleum logistics hub, where prices rose from N800 per litre on Wednesday to as high as N805 per litre by Friday. Market watchers attributed the quicker reaction in Warri to tighter supply lines and higher transportation costs as marketers reposition stock ahead of anticipated scarcity.
Industry operators linked the surge to the temporary shutdown of the petrol unit at the Dangote Refinery, which had helped stabilise prices after subsidy removal. In December, the refinery cut its ex-depot price from N828 to N699 per litre, marking its 20th price adjustment in 2025.
Commenting on the development, petroleumprice.ng Chief Executive Officer, Jeremiah Olatide, said the increase was driven by importers seeking to recover December losses. “This price uptick is a deliberate move by importers to recoup losses from the massive price slash by the Dangote Refinery in December,” he said.
Olatide added that marketers were already pricing in potential supply tightness due to ongoing refinery upgrades. “Importers are postulating that there may be supply constraints in January because of the refinery’s plant upgrade, and they see this as an opportunity to make up for December losses,” he noted, adding that some operators were holding back volumes in anticipation of higher prices.
Analysts warned that depot price movements often precede pump price adjustments, with the current trend likely to push retail prices beyond N700 per litre in several cities if sustained. They also cited exchange rate volatility, rising replacement costs and weakening supply dynamics as additional pressures on fuel pricing.
