Petrol Price Increases As Dangote, Other Depots Release New Cost
- The price changes at depots are in response to a global crude oil price, which is now above $70 per barrel
- New data shows that Dangote and other depot owners have adjusted their prices from the previous average range of N820 and N850
- The increase in petrol prices at depots is expected to affect retail pump prices across the country
Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
Depots and the Dangote Petroleum Refinery have raised their ex-depot price for Premium Motor Spirit, also known as petrol, to a range of N865 to N900.
The price changes signal an imminent adjustment of petrol pump prices at filling stations nationwide.
Source: Getty Images
Why petrol price increased at depots, Dangote refinery
Depots price adjustments are in response to a global crude oil price which is now above $70 per barrel.
Reuters reports that oil prices gained as President Donald Trump ramped up pressure on Russia over its war in Ukraine and on optimism that a trade war between the US and its major trading partners was abating
As of 11:10 a.m., Brent crude traded at $72.66 per barrel and WTI crude at $69.42, both slightly above Wednesday’s levels of $72.16 and $68.85, respectively.
Petrol prices changes at depots
Data obtained from premiumprice.ng showed that Dangote refinery raised its ex-depot price on Thursday, July 31 to N865 from N820.
Fynefield, Mainland, Zone 4, Matrix Port Harcourt, Ever, Sigmund, and Matrix PH are among the highest, all pricing PMS at N900 per litre, while Masters Energy followed closely at N897.
Other notable prices include Rainoil Delta, Matrix Warri, A.Y.M Shafa, and Hyde, each quoting N890, while Zamson and A&E listed prices at N885 and N888 respectively.
Meanwhile, several major depots, including Ardova, Dangote, Menj, Aipec, A.A Rano, Sahara, Pinnacle, Rainoil Lagos, Bono, Matrix Lagos, Aiteo, and Nipco Lagos maintained prices between N865 and N870.
Here are the top 10 prices
Here are the 10 highest ex-depot prices:
- Fynefield: N900
- Mainland: N900
- Zone 4: N900
- Matrix PH: N900
- Ever: N900
- Sigmund: N900
- Masters: N897
- A&E: N888
- Rainoil Delta: N890
- Zamson: N885
Source: UGC
Diesel prices also increase
The depots also adjusted prices for diesel (AGO).
Prudent Lagos, Wosbab, and Ibeto each reduced their diesel prices from N1130 to N1100, reflecting a 2.65% decline. Chipet recorded a steeper drop, cutting its price from N1130 to N1050, a decrease of 7.08%.
Meanwhile, Nipco Lagos adjusted its diesel price upward from N1100 to N1130, marking a 2.73% increase.
Other depots such as Duport, First Fortune, Menj, Dangote, and African Terminal diesel prices are in the price range of N1050 or N1100.
NMDPRA shows amount Nigerians spent on petrol
Earlier, Legit.ng new report by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has revealed that Nigerians spent an estimated N1.3 trillion on Premium Motor Spirit (PMS), also known as petrol in June 2025.
According to NMDPRA, a total of 1.44 billion litres of PMS were distributed nationwide during the month.
The high consumption comes as competition intensifies in petrol pricing between importers and the Dangote Refinery.
Source: Legit.ng
