Petrol loading prices have surged across Nigerian depots, breaching ₦1,300 per litre in Calabar and reaching ₦1,330 in Warri, as Brent crude jump to $117 per barrel amid an escalating United States-Iran conflict and the shock withdrawal of the United Arab Emirates from OPEC.
The movement comes alongside Dangote Refinery's decision to raise its ex-depot price by ₦75, from ₦1,200 to ₦1,275 per litre, with coastal supply rising to ₦1,215. A refinery official confirmed the adjustment, saying the increase reflected rising feedstock costs. The refinery also suspended its Proforma Invoice entry process on Tuesday, disrupting PMS and AGO loading schedules across its distribution network.
Data collated by PetroleumPrice.ng showed Warri as the most expensive market, with Nepal at ₦1,330 per litre and Danmarna at ₦1,328. Pinnacle, Optima and A&E all quoted ₦1,325. In Calabar, Jenny loaded at ₦1,315 and Northwest at ₦1,300. Lagos returned the lowest rates, with Pinnacle and African Terminal at ₦1,280, Rain Oil at ₦1,290, A.A Rano at ₦1,285 and Techno Oil at ₦1,295.
Automotive Gas Oil also reflected the pressure, with First Fortune in Warri quoting ₦1,950 per litre and Nipco in Lagos at ₦1,920. Industry sources indicate a further AGO price adjustment from Dangote is expected.
Pump prices are expected to reflect current depot levels within days, with Warri and Calabar likely to record the steepest retail adjustments.
According to a report by OilPrice.com, NNPC raised the official selling prices of all 37 Nigerian crude grades for May-loading cargoes, with Bonny Light up $6.13 per barrel and Forcados up $7.01 compared to April, as international buyers place a growing premium on non-Hormuz supply routes.