• Super Admin
• 06 Mar, 2026

Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade. Private fuel depots across Nigeria have increased the price of Premium Motor Spirit (PMS), popularly known as petrol, to about ₦1,000 per litre in Lagos, amid a surge in global crude oil prices and the temporary halt in petrol loading at the Dangote Petroleum Refinery. Market checks by Petroleumprice.ng indicate that several depot operators have begun revising their prices upward, signalling renewed pressure in the downstream petroleum sector and raising concerns over a possible ripple effect at filling stations nationwide. The development comes as global oil benchmarks climb sharply, pushing the cost outlook for refined petroleum products higher and triggering fresh anxiety among marketers and consumers alike. In Lagos, some of the major private depots have already moved their prices to the ₦1,000 mark per litre. Rainoil depot and Eterna depot were both observed quoting ₦1,000 per litre for petrol, marking a significant jump from recent rates and reflecting growing volatility in the domestic fuel supply chain. Industry observers say Lagos often serves as the pricing benchmark for other parts of the country because it hosts the highest concentration of petroleum depots and distribution infrastructure. As a result, price changes in Lagos frequently spread quickly to other regions through the supply network. Outside Lagos, similar adjustments are also emerging in other supply hubs. In Calabar, the Fynefield depot was seen quoting petrol at ₦1,050 per litre, highlighting a broader upward movement across regional depots. Market participants say the difference in prices between locations is largely influenced by logistics costs, supply availability, and transportation expenses required to move petroleum products across the country. The rising depot prices are likely to place additional pressure on independent marketers who depend on these facilities to source fuel for retail stations. The price surge is also linked to the recent suspension of petrol loading at the Dangote Petroleum Refinery. Although the halt is seen by many industry players as temporary, the development has triggered speculation across the downstream sector about potential price adjustments in the coming weeks. The refinery had become a major supply source for domestic petrol distribution since it began releasing products into the Nigerian market, helping to moderate price volatility in recent months. With loading activities paused, depot owners and marketers are closely monitoring developments to determine how supply dynamics could shift. At the same time, the global oil market has been strengthening, with Brent crude moving toward the $90 per barrel mark. Higher crude prices generally translate into higher production and import costs for refined petroleum products, creating upward pressure on domestic pump prices. Industry operators say the combination of tightening global markets and local supply uncertainties has made the current pricing environment highly sensitive. With depot prices already hitting ₦1,000 per litre in some locations, analysts warn that retail pump prices at filling stations could also rise if the trend continues. Fuel marketers are currently watching both international oil prices and domestic supply developments before making further adjustments. For many Nigerians already grappling with high transportation and living costs, another petrol price increase could deepen economic pressure and spark fresh debates about the country's fuel market reforms. Legit.ng earlier reported that petrol prices at Lagos depots surged with Dangote-linked petrol now trading at N800 per litre, up from N775 recorded the previous day. Petrolumprice.ng reports that tightened supply and the continued suspension of gantry sales at Dangote refinery are the reasons for the changes. Industry checks indicate that the latest price increase is largely being driven by independent marketers. Source: https://www.legit.ng/business-economy/energy/1699952-private-depots-hike-petrol-prices-n1000-litre-crude-soars-90-barrel/