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Private Depots Push Petrol Prices Up to ₦800/Litre in Lagos

Published by admin on January 4th, 2026.

Private Depots Push Petrol Prices Up to ₦800/Litre in Lagos

Private fuel depots in Lagos and other major petroleum distribution centres have increased the ex-depot price of Premium Motor Spirit (PMS), with rates climbing to as high as ₦800 per litre.

Findings from petroleumprice.ng show that average depot prices rose sharply within a 48-hour window, putting pressure on fuel marketers and raising fears of another round of pump price hikes across the country.

In Lagos, Dangote depot — which often sells at the lowest rate — adjusted its PMS price slightly to ₦703 per litre on Friday, up from ₦702.50 earlier in the week. While the increase was minimal, other depots recorded much steeper jumps.

Eterna and Integrated depots raised their prices to ₦800 per litre, up from about ₦726 per litre earlier in the week at Shellplux and AIPEC, reflecting a surge of roughly ₦74 per litre in just two days. Aiteo and Lister also increased their prices to ₦780 per litre, compared with the ₦750–₦760 range recorded days earlier.

The situation was even tighter in Warri, a major petroleum logistics hub. Depot prices there rose to as high as ₦805 per litre by Friday, from ₦800 earlier in the week, driven by limited supply and higher transportation costs as marketers reposition stock ahead of a possible scarcity.

The latest price movement comes weeks after Dangote Petroleum Refinery reduced its petrol gantry price from ₦828 to ₦699 per litre in December 2025, a move that significantly undercut imported fuel and marked the refinery’s 20th price adjustment in 2025.

Industry analysts link the current surge to the temporary shutdown of the Dangote Refinery’s petrol unit, which had become a key source of domestic supply and helped stabilise prices after fuel subsidy removal.

Speaking on the development, the Chief Executive Officer of petroleumprice.ng, Jeremiah Olatide, said importers are raising prices to recover losses incurred during Dangote’s aggressive price cuts in December.

According to him, many importers were forced to sell below their landing costs when Dangote offered PMS at about ₦699 per litre, resulting in heavy losses.

Olatide added that concerns over possible supply shortages in January, due to ongoing upgrades at the refinery, have encouraged depot operators to reprice available stock.

“Some operators are holding back products in storage, hoping to sell at higher prices once supply tightens,” he explained, though he warned that such tactics may be short-lived if Dangote responds once production stabilises.

He also pointed to external pressures, including foreign exchange volatility and rising replacement costs. Brent crude closed at $60.20 per barrel on Friday, while the naira weakened at the parallel market to ₦1,495 per dollar, adding further strain to fuel pricing.

Depot price increases usually precede pump price adjustments, and industry observers caution that if the trend continues, petrol prices could rise above ₦700 per litre in many parts of the country.

Marketers say escalating logistics costs, financing challenges and exchange rate instability have squeezed margins, leaving little room to absorb depot price hikes without passing costs on to consumers.

Although the 650,000-barrel-per-day Dangote Refinery had raised hopes of sustained price stability through local refining, its temporary petrol unit shutdown has exposed ongoing vulnerabilities in Nigeria’s fuel supply chain, especially as imports remain expensive.