Fuel prices across Nigeria have surged significantly, with petrol and diesel costs climbing over the past week due to rising crude oil prices . Both consumers and businesses are feeling the impact, as stations nationwide are set to adjust their pump prices to reflect higher operational costs.
Petrol Prices at Leading Stations
- Northwest Filling Station, Anthony, Lagos: ₦960 per litre
- Rain Oil Filling Station, Abak Road, Uyo Akwaibom State: ₦995 per litre
- Bovas Filling Station: ₦959 per litre
Diesel (AGO) Prices Across Stations
- Northwest Filling Station, Anthony, Lagos: ₦1,130 per litre
- Rain Oil Filling Station, Abak Road, Uyo Akwaibom State:₦1,250 per litre
- Bovas Filling Station: ₦1,180 per litre
Depot Price Trends
Depot prices for PMS (petrol) have seen significant adjustments: From Friday to Monday.
- Dangote Depot: ₦909→ ₦923
- Swift Depot: ₦907 → ₦950
- Wosbab Depot: ₦909 → ₦950
- Sahara Depot: ₦910 → ₦950
- Shellplux Depot: ₦908 → ₦960
- Chipet Depot: ₦908 → ₦960
- Nipco Depot: ₦912 → ₦950
- Matrix Warri Depot: ₦925 → ₦945
For Diesel (AGO), some depot prices also increased sharply: From Friday to Monday.
- Stockgap:₦1,080 → ₦1,150
- Ibeto Depot: ₦1,050 → ₦1,150
- Sahara Depot: ₦1,045 → ₦1,150
- Nipco Depot: ₦1,120 → ₦1,150
- Optima Depot: ₦1,048 →₦1,120
Percentage Increases
The average increase in depot prices for PMS stands at approximately 7-10%, while AGO prices have surged by 5-10%, depending on the depot and location.
Market Dynamics and Reactions
According to Bayo Adelaja, a marketer from a leading oil depot, stated that the increase stems from higher crude oil prices globally and logistical challenges within Nigeria. “Depot rates have escalated sharply, and this is directly affecting pump prices. Consumers should expect further fluctuations in the coming weeks,” he noted.
Small business owners and residents have expressed concerns, particularly in cities like Lagos and Abuja, where pump prices are nearing ₦1,000 per litre for petrol and over ₦1,200 per litre for diesel.
Impact on Consumers and Businesses
Rising fuel costs are straining household budgets and increasing operational expenses for businesses. Many industries reliant on diesel generators are calling for urgent government intervention to stabilise prices.
As fuel prices continue to rise, Nigeria faces the dual challenge of managing domestic supply and addressing global market pressures. With depot rates showing no signs of stabilising, the coming weeks may bring further adjustments, emphasising the need for long-term strategies to mitigate the impact on consumers and the economy.