Fuel depot operators in Nigeria have increased their ex-depot premium motor spirit prices, citing higher crude oil costs and the Dangote Refinery restarting sales of refined products priced in dollars. Industry checks showed multiple depots lifting rates into a new range as international energy pressures intensified and the refinery’s dollar-linked pricing fed through to local pump economics.
Reports from DAILY POST’s checks indicated that several depot owners—including Sahara, Integrated, African Terminal, Emedab, and Ranoil—have raised premium motor spirit prices to between N1,125 and N1,175 per litre. This compares with the previous band of roughly N1,085 to N1,090 per litre.
The price movement implies that, on Tuesday, ex-depot costs rose by about N30 to as much as N90 per litre, depending on the depot operator.
The Independent Petroleum Marketers Association of Nigeria had previously warned that petrol prices could rise further if the government does not step in regarding the Dangote Refinery’s shift to selling refined petroleum products in dollars. The group’s warning followed concerns that dollar pricing would translate into higher local costs, particularly when crude oil becomes more expensive.
That concern gained attention after a report said Dangote Refinery had resumed selling petrol in dollars at $0.779 per litre, a figure that was equivalent to about N1,075 per litre at the time cited.
Meanwhile, crude oil markets turned more volatile on Tuesday. Brent crude climbed to levels as high as $85 per barrel, reflecting escalation in the over four-month conflict involving Iran, the United States, and Israel, which intensified further over the prior four days.
With tensions rising in the region, market participants also flagged signs of a renewed effort to restrict or close the Strait of Hormuz—an energy chokepoint that, if disrupted, could further tighten global supplies and push crude prices higher.
