Amid rising international crude prices and escalating geopolitical tensions, fuel depot owners across Nigeria have raised depot prices as of Thursday morning, June 19. The sharp price hikes for petrol (PMS) and diesel (AGO) highlight growing anxiety across Nigeria’s downstream market, driven by global supply uncertainties and volatile domestic conditions. While Goldman Sachs still expects Brent crude to fall to around $60 per barrel by Q4, assuming no major supply disruptions, it has outlined potential scenarios that could push prices far higher.
If Iran’s crude exports decline significantly, Brent could climb above $90 per barrel. In more extreme cases, such as regional supply shutdowns or disruptions to key shipping routes, analysts warn that prices could surge well beyond that.
Depot Price Increases Sweep Across Regions
In Lagos, three major petrol marketers adjusted their PMS depot prices this morning. Wosbab raised its price from ₦895 to ₦920 per litre, marking a 2.8% increase. Emadeb moved from ₦875 to ₦920, a 5.1% jump, while NIPCO also adjusted upward by 2.8%, from ₦895 to ₦920.
In Warri, Matrix Petroleum raised its PMS depot price from ₦900 to ₦925, a 2.8% increase. For AGO, Matrix increased the rate from ₦1,010 to ₦1,100, a significant 8.9% surge.
In Port Harcourt, Sigmund Energy’s petrol price moved from ₦920 to ₦930, a 1.1% increase. T.S.L adjusted its PMS price from ₦915 to ₦927, marking a 1.3% hike.
These adjustments come as the market reacts to escalating tensions in the Middle East and the resulting spikes in global crude benchmarks. As of Today, crude prices continued their upward climb: Brent hit $77.70 (+1.30%), WTI rose to $76.42 per barrel (+1.70%), and Murban reached $77.51 (+0.89%).
The surge in international oil prices has added further pressure on local marketers, who are adjusting rates in anticipation of sustained supply risks and elevated replacement costs.
Dangote’s Withheld Invoice Sparks Market Uncertainty
Since Tuesday, June 18, the Dangote Refinery has not released its PFI (Pro Forma Invoice) for PMS sales, creating a vacuum in price signals. This delay has unsettled the downstream market, as depot owners left without a clear benchmark—have seized the opportunity to hike their own prices.
Industry players say the lack of a current sales invoice from Africa’s largest refinery has driven speculation and opportunistic pricing. Many depots have capitalized on the uncertainty to implement sharp upward adjustments, citing fears of a possible Dangote price increase once sales resume.
As a result, the market remains jittery. Traders, depot owners, and fuel retailers are bracing for further instability in the days ahead.