Petrol prices at Lagos depots climbed sharply on Thursday, with Dangote-linked PMS now trading at ₦800 per litre, up from ₦775 recorded the previous day, amid continued suspension of gantry sales and tightening supply across key distribution hubs.
However, market checks indicate that the latest hike is being driven largely by independent marketers who previously lifted products from Dangote at around ₦774 per litre and are now reselling at ₦800, citing supply uncertainty and replacement cost risks.
Data from Petroleumprice.ng show that the upward adjustment at Dangote aligns with fresh increases by other major depot operators in Lagos, signaling mounting supply-side pressure in the downstream market.
Lagos Depot Prices Climb
As of Thursday, February 19, 2026, depot prices across Lagos were reviewed upward:
- Pinnacle – ₦803/litre
- Dangote (marketer resale) – ₦800/litre
- Wosbab – ₦800/litre
- Rainoil – ₦800/litre
- Shellplux – ₦800/litre
The coordinated upward movement suggests traders are pricing in near-term supply uncertainty following Dangote’s decision to halt gantry sales earlier this week.
Notably, marketers who secured volumes at ₦774–₦775 are now adjusting offers to ₦800, effectively building in a risk premium amid fears that fresh supplies may not be immediately available.
Sales Suspension Deepens Market Anxiety
Industry sources indicate that Dangote Refinery is unlikely to resume full gantry sales this week. According to market feedback, refinery management has advised marketers to evacuate existing product allocations before Friday, further heightening concerns about short-term supply gaps.
Meanwhile, depot operators in Calabar and Warri did not sell PMS on Thursday, tightening regional supply flows. The temporary halt in those locations has compounded fears that inland markets could face additional price strain in the coming days.
As a result, the absence of product movement from multiple hubs is already influencing pricing behavior in Lagos, Nigeria’s primary distribution center.
Risk of Further Upside
Analysts warn that if supply normalization does not occur early next week, depot prices could climb toward ₦850 per litre. The current pricing momentum reflects precautionary adjustments rather than purely demand-driven increases.
Typically, when major supply nodes slow or suspend sales simultaneously, marketers move quickly to secure available volumes, creating short-term upward price pressure. In this case, resale activity by Dangote marketers has amplified the spike.
However, the extent of further increases will depend on how quickly Dangote resumes gantry loading operations and whether Calabar and Warri depots return to the market.
Market Outlook
For now, depot activity remains cautious, with traders closely monitoring refinery communications. The combination of continued sales suspension, evacuation directives, resale markups, and halted transactions in key coastal locations has shifted market sentiment toward the upside.
Unless sales resume in the coming days, downstream operators may begin adjusting retail pump prices to reflect higher replacement costs.
The next 72 hours will likely determine whether the ₦800 per litre level proves temporary — or becomes the base for another upward adjustment.