At least 10 depot owners across Nigeria have increased the price of Premium Motor Spirit (PMS), commonly known as petrol, to above N900 per litre.

The price shift, which is about N80, represents a significant jump compared to recent prices that ranged between N850 and N880 per litre in most depots.

The new prices have raised fresh concerns that retail pump prices at filling stations are likely to change again.

Why petrol prices rise at depots

The price increase has been coming since the Iran-Israel conflict escalated, which has led to changes in crude oil prices.

A report from the Research Department of Coronation Merchant Bank shows that brent crude recorded a significant 11.67% week-on-week gain last week its strongest performance in years closing at $74.23 per barrel.

This recovery reduced Brent’s year-to-date decline to -0.55%, compared to -10.95% recorded the previous week.

The projected average price of Brent crude for 2025 is now $75.08 per barrel, marking a 5.98% drop from the 2024 average of $79.86 per barrel.

In a similar trend, Bonny Light crude(Nigeria crude grade) climbed by 12.86% to $77.73 per barrel, maintaining a $3.50 premium over Brent.

The changes in global crude oil prices have a direct effect on fuel prices in Nigeria, as some marketers still import, and Dangote Refinery also sources crude from abroad.

10 depots sell petrol above N900

Data reviewed from Petroleumprice.ng on Tuesday, June 17 show that Fynefield depot is now has the highest petrol price in Nigeria, selling at N930 per litre.

Mainland, Alkanes, Sigmund, and Ever depots follow closely, each pricing petrol at N920 per litre.

In Delta State, Rainoil’s depot in Warri, as well as Prudent at Oghara and Matrix depot, have all set their price at N910 per litre.

In Lagos, Rainoil has adjusted its price to N900 per litre, while TSL depot is selling at N896.

The new price increases at these key depots are likely to lead to new retail pricing, as filling station owners are expected to adjust their pump prices to cover costs and maintain profit margins.

There are real fears that the trend could push retail prices closer to N1,000 per litre in some states, particularly in the North, where logistics and transport costs are higher.

Dangote price still lower

Meanwhile, Dangote Refinery continues to offer one of the most competitive rates in the market, with petrol sold at N838 per litre a drop from N840 per litre last week.

Other depots maintaining relatively lower prices include Aiteo and First Royal, both also at N838, alongside Pinnacle, Emadeb, and Swift, each selling at N845 per litre.