Nigerian fuel depots have sharply raised prices in response to a global oil rally. Between Wednesday, June 11, and Friday, June 13, 2025, prices rose by as much as 14.6% at some locations. This development followed a notable rebound in global crude benchmarks. Brent gained 5.54%, closing at $73.20. WTI climbed 5.58% to $71.84, while Murban rose 4.84% to settle at $72.60.
Lagos Depots Lead the Surge
In Lagos, diesel (AGO) prices recorded the sharpest increase. Nipco raised rates from ₦960 to ₦1100, representing a 14.58% spike. Ibeto also adjusted diesel prices upward from ₦950 to ₦1000—an increase of 5.26%. Meanwhile, Dangote made a smaller upward revision from ₦950 to ₦955, a 0.53% rise.
Petrol (PMS) prices moved up across board. Dangote increased PMS from ₦827 to ₦840 (+1.57%). Menj raised prices from ₦826 to ₦850, marking a 2.91% rise. Similarly, Rainoil moved from ₦830 to ₦850, representing a 2.41% increase.
Warri Shows Modest Gains
In Warri, changes were more measured. Diesel prices at Matrix and Optima increased marginally—from ₦995 to ₦1000. That’s a 0.5% rise in both cases. Petrol prices saw modest adjustments. Prudent moved from ₦850 to ₦856, up by 0.71%. First Fortune went from ₦850 to ₦860, a 1.18% increase.
Port Harcourt Reacts Strongly on Diesel
Port Harcourt recorded a significant jump in diesel pricing. Bulk Strategic adjusted AGO from ₦1010 to ₦1100, showing an 8.91% surge. For petrol, Ever slightly raised prices from ₦866 to ₦870, which represents a 0.46% rise.
Mixed Trends in Calabar
Calabar presented a rare exception. Petrol prices dropped slightly despite global upward trends. Northwest moved from ₦869 to ₦865, a 0.46% decrease. Fynefield reduced prices from ₦869 to ₦867, falling by 0.23%. This may reflect local supply variations rather than global pressures.
Geopolitics Drive Oil Price Rally
The sharp rally in crude oil followed mounting tension in the Middle East. Israel’s strikes on Iranian military infrastructure triggered immediate fears of a wider regional conflict. In response, Iran launched drone attacks, escalating concerns over supply risks.
Moreover, traders are worried about the potential disruption of the Strait of Hormuz. The strategic waterway is a major route for global oil shipments. While the U.S. has called for calm, Iran has vowed a “harsh response,” increasing uncertainty in the market.
Outlook: More Increases Likely
Given the current geopolitical climate, depot prices may climb further. Oil traders are adjusting their forecasts. Importers in Nigeria are also recalculating cost implications. If global tensions persist, another wave of price adjustments may be imminent.
For Nigerian consumers, this could translate into higher pump prices in the coming weeks. Market regulators may also come under pressure to respond quickly to ensure supply stability.