Nigeria’s retail fuel market has tightened again, with filling stations and depot operators raising both pump prices and ex-depot rates for a second time in under a week. A market check carried out on Monday night found that outlets including Empire Filling Station and Ranoil Filling Station have moved to new price points in Abuja, pushing retail petrol to a range of N1,275–N1,280 per litre from about N1,220 per litre previously.
Second price increase in less than a week
The latest adjustment means petroleum marketers have lifted fuel costs by roughly N55–N60 per litre compared with the earlier level. The survey also showed that the changes are not limited to retail forecourts: depot owners have similarly revised their ex-depot pricing upward.
- Retail petrol pump prices in Abuja were reported at N1,275–N1,280 per litre, compared with around N1,220 per litre.
- That translates into an increase of about N55–N60 per litre for consumers and businesses buying at the pump.
- Ex-depot prices were raised to N1,249–N1,270 per litre, after previously being as low as N1,187 per litre.
Depot operators revise ex-depot rates
In the same update, several depot owners—including MAO, Gulf Treasure, T.Time, and NorthWest—were said to have increased ex-depot prices. The move follows the earlier round of price hikes and extends the upward pressure on the full distribution chain.
Dangote Refinery cites steady dollar gantry price
While local pump and depot figures have continued to rise, Dangote Refinery said its petrol gantry price is unchanged at $0.779 per litre. The company’s statement came as it resumed the sale of refined petroleum products in dollars, maintaining that this dollar-denominated rate is still the basis for pricing.
Link to downstream uncertainty and higher crude
Market observers tied the renewed fuel surge to uncertainty in Nigeria’s downstream oil sector. The development arrives as global crude prices climbed on Monday night, with West Texas Intermediate rising to $82 per barrel and Brent crude reaching $88 per barrel amid escalated tensions in the Middle East.
- Downstream sector uncertainty was cited as a driver behind the latest domestic fuel price increases.
- Crude oil prices rose on Monday night, with WTI at $82 per barrel and Brent at $88 per barrel.
- Geopolitical tensions in the Middle East were described as contributing to the jump in crude benchmarks.
