Crude oil prices jumped again as global markets reacted to renewed demand signals and rising tensions in the Middle East. With Brent crude climbing to $77.88 per barrel and WTI at $74.67, energy analysts warn of further increases in both international and local petroleum product prices.
Depot owners across Nigeria are already adjusting upwards, driven by global price trends, currency pressures, and crude supply bottlenecks. According to Petroleumprice.ng’s latest intelligence report, Nigerian depot prices for PMS and AGO have gone up and are set to rise further this week.
Depot Prices (as of June 20, 2025)
Lagos Depots
- Dangote Refinery
- PMS: ₦880
- AGO: ₦1055
- NIPCO
- PMS: ₦920
- AGO: ₦1,100
- Wosbab
- PMS: ₦920
- AGO: ₦1,050
Warri Depots
- Matrix Energy
- PMS: ₦925
- AGO: ₦1,050
- A&E
- PMS: ₦920
Calabar Depots
- Mainland
- PMS: ₦935
- Fynefield
- PMS: ₦928
Port Harcourt Depots
- Bulk Strategic
- AGO: ₦1,100
- Sigmund
- PMS: ₦930
Why Depot Prices Are Rising
Several local and global developments have converged to push depot prices higher:
- Middle East Tension: Ongoing instability involving Israel and Iran continues to create uncertainty in global oil flows. As a result, risk premiums have returned to oil trading, and buyers are factoring in worst-case scenarios.
- Crude Import Costs: Dangote Refinery has had to import over 17 million barrels of crude due to domestic shortages. The associated FX and logistics costs are now reflected in ex-depot pricing.
- Currency Volatility: With the naira trading at ₦1,605 to the dollar in the black market, import-linked costs for diesel and PMS remain elevated.
- Operational Overheads: Depots are adjusting for transport, handling, and distribution costs especially as loading pressure mounts at Lagos and Delta jetties.
What to Expect This Week
Independent marketers are also revising loading strategies, and downstream logistics costs remain high especially for Northern-bound supply chains.
Rising international oil prices, import dependency, FX instability, and geopolitical threats are all contributing to Nigeria’s upward-trending depot prices. With Dangote PMS at ₦880, Matrix Warri at ₦925, and Mainland Calabar at ₦935, depot-level costs are quickly filtering through to the retail segment.
Consumers and retailers alike should brace for further adjustments as the week unfolds.
Stay updated on depot pricing and market intelligence at Petroleumprice.ng.