Fuel depots in Nigeria’s coastal cities will raise prices today following a sharp spike in Lagos wholesale diesel rates. Lagos depots recorded major price increases on Tuesday, June 10, pushing national market benchmarks upward.
According to Petroleumprice.ng, Lagos depots like Dangote, Rainoil, and MENJ adjusted diesel prices sharply. For example, Dangote Refinery increased AGO from ₦918 on June 5 to ₦955 on June 10. Similarly, Rainoil raised its diesel price from ₦970 to ₦1050 during the same period.
This surge represents a ₦50 to ₦80 jump in just five days, a rise of over 10 percent.
Coastal Depots Yet to Respond — But That Will Change Today
Depots in Warri, Calabar, and Port Harcourt have not yet responded to Lagos’ movement. However, operators say a price correction is inevitable today.
On June 10, Warri depots such as Pinnacle and Taurus maintained AGO prices between ₦940 and ₦950 — the same levels recorded on June 5. In Port Harcourt, prices remained at ₦943, with depots like Masters showing no change.
That pattern is unusual.
Coastal depots usually sell diesel at ₦20 to ₦30 more than Lagos, reflecting the higher cost of logistics from Lagos to the coastal regions. According to the tanker report, 40% of tankers at Berth originate from the Dangote Refinery in Lagos, raising landing costs in Warri, Calabar, and Port Harcourt.
“Lagos prices have jumped significantly. There’s no way prices here will stay flat. Expect upward adjustments today,” said a fuel marketer based in Port Harcourt.
Logistics and Supply Patterns Justify the Adjustment
The disparity between Lagos and coastal depot prices has become unsustainable. Traditionally, Lagos sets the floor for national pricing. Coastal depots adjust based on supply logistics and haulage expenses.
On Tuesday, Lagos depots like Rainoil and MENJ sold AGO above ₦960. Meanwhile, Matrix and Prudent in Warri sold at ₦940 and ₦945 respectively, which shows a significant difference and contradicts historical trends.
“Logistics cost to our depots in Warri isn’t cheap. The moment Lagos rates climb, we have to reflect that cost,” another depot operator explained.
International Oil Prices and Local Supply Drive the Spike
Rising global crude prices contributed to the Lagos depot surge. Local factors, including volumes from Dangote Refinery and recent distribution lags, also played a role.
As of today, depot managers in the coastal cities are preparing for adjustments. Analysts predict Warri and Port Harcourt depots could push AGO prices to ₦975 or higher, reinstating their typical margin above Lagos.
Retailers in the region expect matching increases in pump prices within days.