The global oil market edged upward on Monday as Brent Crude crossed the symbolic $70 threshold, triggering price adjustments across petroleum depots in Nigeria’s key supply corridors.
According to Oilprice.com, Brent settled at $69.75 per barrel, up 2.53%, while WTI climbed to $68.09 (+2.73%), and Murban Crude surged to $71.12, recording a 2.11% jump. Natural gas followed the trend, rising by 2.45% to $3.403.
This development comes just three days after the market hovered around $68 per barrel, as reported in the July 4 Daily Oil and Gas Market Intelligence Report. The modest rally is already being mirrored at the local level, where depots are beginning to review their PMS and AGO prices upward.
Depot Price Reaction: A Comparative Shift
Lagos Depots – PMS
| Depot | July 7 Price (₦/L) |
|---|---|
| Dangote | 839 |
| NIPCO | 844 |
| Integrated | 837 (lowest) |
| AITEO | 837 (lowest) |
| Emadeb | 840 |
| Wosbab | 840 |
| Bovas | 839 |
| Rain Oil | 840 |
| Menj | 840 |
In Lagos, PMS prices remain fairly stable, fluctuating between ₦837 and ₦844/litre. Integrated and AITEO offer the lowest rates, suggesting stock from earlier inventory, while NIPCO tops the list at ₦844/litre.
Warri Depots – PMS
| Depot | July 7 Price (₦/L) |
|---|---|
| A.Y.M Shafa | 858 |
| Matrix | 860 (highest) |
| First Fortune | 850 (lowest) |
| Parker | 858 |
| Rain Oil | 860 (highest) |
Warri shows a narrow band, with PMS prices hovering between ₦850 and ₦860/litre. Matrix and Rain Oil charge the highest, possibly reacting more directly to international crude trends.
Calabar Depots – PMS
| Depot | July 7 Price (₦/L) |
|---|---|
| Mainland | 870 (highest) |
| Alkanes | 865 |
| Soroman | 865 |
In Calabar, Mainland leads at ₦870/litre, while Alkanes and Soroman keep prices slightly lower at ₦865/litre, showing a mild competitive stance amid the rising global oil backdrop.
Port Harcourt Depots – PMS
| Depot | July 7 Price (₦/L) |
|---|---|
| Ever | 860 |
| Sigmund | 860 |
Port Harcourt presents uniformity with both Ever and Sigmund listing ₦860/litre. Notably, there was no price change here despite the rise in Brent, hinting at older stock or fixed regional supply contracts.
Why Are Prices Moving Differently?
While global crude oil has gained strength on the back of market optimism and tighter refinery margins, depot-level responses in Nigeria remain fragmented. Diesel prices have surged across the board, in line with rising international benchmarks and increasing local demand from logistics and industrial operations.
However, the PMS segment paints a more conservative picture. Despite Brent nearing $70, several depots have kept their petrol prices unchanged or even lowered them, citing factors such as stock ageing, regional competition, and delayed supply pass-through.
“Depot operators are cautiously watching the trend. For diesel, pricing adjusts quickly. But for PMS, older stock and tight margins keep prices sticky,” a marketer operating in Port Harcourt and Lagos told Petroleumprice.ng
Volatility May Persist
With Brent breaching the $70 mark and supply adjustments looming from OPEC+, Nigerian depots may soon respond more uniformly if global momentum holds. For now, diesel markets have reacted sharply, while petrol remains zone-sensitive.
As loading programmes update and forex fluctuations continue, market watchers expect broader adjustments in depot pricing in the coming days.