Petrol Prices Soar Across Nigeria as Dangote Refinery, Depots Raise Supply Costs

Nigerians are once again facing a spike in petrol prices as filling stations across the country adjust pump rates following an increase in supply prices from depots and the Dangote Refinery.

In Abuja, fuel prices at some stations rose sharply on Saturday morning. Empire Energy and Ranoil filling stations, for instance, adjusted their pump prices to ₦935 and ₦970 per litre respectively — up from ₦905 and ₦900 just the night before.

Speaking to DAILY POST, the spokesperson of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Ukadike, confirmed the increase. He attributed the hike to changes in the ex-depot prices — the rate at which depot owners and refineries sell fuel to marketers.

“As of Friday, Dangote Refinery’s ex-depot price jumped from ₦820 to ₦858 per litre,” Ukadike explained. “Other depot owners also increased their prices — NIPCO is now at ₦870, while Aiteo and Ranoil are selling at ₦855.”

He added that the rising exchange rate and global crude oil prices are major factors driving the hike.

Despite the rise, a few stations like the Nigerian National Petroleum Company (NNPC), MRS, Optima, and AP Ardova are still selling fuel slightly lower — between ₦885 and ₦890 per litre as of Saturday.

Interestingly, global crude prices appear to be falling. According to oilprice.com, Brent crude dropped to $69.67 while West Texas Intermediate fell to $67.33 per barrel on Saturday morning.

Still, Nigerians are bearing the brunt of the rising local fuel costs, with many commuters and small business owners already expressing concern over the effect on transportation and goods.

As fuel prices continue to fluctuate, citizens are hoping for quicker interventions to stabilize the market and reduce the pressure on everyday living.