Petrol Prices Surge To ₦900 In Private Depots – What This Means For Nigerian Consumers

Reports indicate that this price hike is driven by the rising cost of crude oil and other global market factors, which have affected refining and distribution expenses. A weekend check by Vanguard revealed that major oil marketers, including Rainoil, Prudent, A.Y.M Shafa, and Mainland, have all adjusted their depot prices to ₦900 per litre.

This surge is expected to lead to an increase in pump prices when the petrol reaches filling stations.

The price of crude oil, a key raw material for refining, has risen from $70 per barrel to $75 per barrel, increasing operational costs for refineries, including the $650,000-barrel per day Dangote refinery.

The higher crude oil prices have placed additional pressure on the refinery, affecting the overall petrol pricing structure in the country. Vanguard also reported that the Dangote refinery did not load trucks based on Nigeria’s Naira-for-Crude program over the weekend, opting to lift crude oil via ships charged at dollar rates to help cover its rising costs.

This strategy, vital for managing operational expenses, is particularly necessary as a significant portion of the crude oil processed is sourced in dollars from the international market.

The situation has also put pressure on oil marketers like MRS and Ardova, who are now sourcing their ship supplies in dollars, resulting in a corresponding increase in pump prices. Independent retail outlets in Lagos and other parts of Nigeria are now selling petrol at ₦930 to ₦950 per litre.

Petroleumpriceng.com highlighted that the federal government’s inability to resolve issues surrounding the Naira-for-Crude policy will likely continue driving petrol prices upward.

In another development, the Major Energies Association of Nigeria (MEMAN) reported that the landing cost of imported petrol rose by ₦88 per litre in just one week, from ₦797 per litre to ₦885 per litre as of March 26, 2025.

MEMAN acknowledged the ongoing market instability but expressed optimism that, with proper regulation and industry collaboration, Nigeria could fully benefit from a deregulated market, attracting investment, improving efficiency, and creating a competitive environment for businesses and consumers.