The depot price of petrol in Nigeria has once again been adjusted, as Dangote Petroleum Refinery, Aiteo, and AA Rano confirmed an upward review to ₦823 per litre, up from the previous ₦821.
The latest increase reflects the ripple effect of global crude oil price movements, which recently climbed from $65 to $67 per barrel, alongside competitive dynamics within the local downstream sector.
Industry experts have been quick to note the significance of this adjustment. According to Olajide Jeremiah, Chief Executive Officer of Petroleumprice.ng, depot prices are now more fluid because of both international and local factors.
He explained that “frequent price changes are inevitable given the fluctuations in crude oil prices and the competition among major players in Nigeria’s downstream market.”
Adding his perspective, Billy Gillis-Harry, the National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), stressed that long-term stability in petrol pricing will only be achieved when government-owned refineries are fully privatized.
He called for greater involvement of private associations such as PETROAN and the Major Energy Marketers Association of Nigeria (MEMAN), insisting that this would create a more balanced and reliable supply framework.
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For now, petrol pump prices at filling stations remain unchanged. However, market watchers believe the current depot price movement could filter down to retail levels before the week ends, since any upward adjustment at depots often translates into higher costs at the pump.
Amid these developments, Dangote Petroleum Refinery continues to expand its capacity. From its current 650,000 barrels per day (bpd), the refinery is set to grow to 700,000 bpd, further solidifying its role in shaping Nigeria’s domestic fuel supply chain and reducing reliance on foreign imports.
In essence, while the new depot price of ₦823 per litre may seem modest, it signals the continued volatility of Nigeria’s petroleum market, influenced by both global crude dynamics and local competition.
Consumers are now watching closely to see whether filling stations will mirror the change, even as industry leaders call for broader reforms that could finally bring lasting stability to the country’s fuel pricing system.
