Nigerian Fuel Stations Raise Petrol Prices Following Upstream Depot Hike

Fuel stations across Nigeria have raised the retail price of Premium Motor Spirit (PMS), following an upward revision in the ex-depot prices by both Dangote Refinery and major depot operators.

According to on-ground updates gathered by LMSINT MEDIA correspondents, the sudden surge affected several areas, particularly Gwarimpa and other zones within Abuja, where Empire Energy and Ranoil stations revised their petrol pump prices.

As observed on Saturday morning, Empire Energy now dispenses petrol at ₦935 per litre, while Ranoil has pushed the rate further to ₦970 per litre. This marks a noticeable jump from ₦905 and ₦900 per litre, respectively, recorded on Friday night.

In a direct conversation with LMSINT MEDIA, Chinedu Ukadike, the spokesperson for the Independent Petroleum Marketers Association of Nigeria (IPMAN), confirmed that the fresh price adjustment is tied to an increase in ex-depot pricing by Dangote Refinery and other key supply depots across Nigeria.

“Both the depot operators and Dangote Refinery have revised their ex-depot petrol rates upward,” Ukadike stated.

He further disclosed specific figures, saying, “As of Friday’s rate, Dangote Refinery set its ex-depot price at ₦858 per litre, up from ₦820 per litre. Other depots followed suit, with NIPCO at ₦870, and both Aiteo and Ranoil pegging theirs at ₦855 per litre.”

The IPMAN spokesperson attributed this spike to two global economic indicators — the foreign exchange rate volatility and the rising crude oil prices in the international market.

Despite this development, some major petrol stations including the Nigerian National Petroleum Company (NNPC), MRS, Optima, and AP Ardova were still retailing petrol at relatively lower rates in Abuja. At the time this report was filed, NNPC dispensed at ₦890, while MRS, Optima, and AP Ardova sold at ₦885 per litre.

Additionally, according to a report by OilPrice.com, global benchmarks such as Brent Crude and West Texas Intermediate (WTI) declined as of Saturday morning, settling at $69.67 and $67.33 per barrel, respectively.