Petrol prices at several Nigerian depots have climbed to ₦1,900 per litre, with Port Harcourt recording some of the sharpest increases, while diesel prices reached the same level in parts of Warri. The increases came despite lower retail prices at some filling stations in Lagos, highlighting the uneven cost of petroleum products across Nigeria’s downstream market.
According to depot price figures reported on Friday, NIPCO raised its petrol price in Port Harcourt by ₦170 per litre, from ₦1,730 to ₦1,900. Six other depots in the city also increased their prices to ₦1,900, while some suppliers in Lagos, Calabar and Warri implemented smaller adjustments.
At the retail end, the Nigerian National Petroleum Company Limited (NNPC) sold petrol at ₦1,360 per litre at its Lagos-area filling stations, while MRS Oil Nigeria Plc and 11 Plc charged ₦1,338 and ₦1,338.80 respectively.
Port Harcourt records major depot price increases
NIPCO’s latest adjustment was among the largest reported changes in Port Harcourt, where its petrol price increased by ₦170 per litre.
Duport and Integrated recorded smaller increases, moving their prices from ₦1,750 to ₦1,806 per litre.
The adjustments could affect independent filling stations that obtain supplies from these depots. However, the extent and timing of any retail price changes will depend on individual marketers’ supply arrangements, operating expenses and pricing decisions.
Lagos petrol prices remain below Port Harcourt depot rates
Lagos recorded a different pricing pattern, with several depots selling petrol below the ₦1,900 level reported in Port Harcourt.
Masters increased its price from ₦1,303 to ₦1,350 per litre, while Matrix moved from ₦1,330 to ₦1,360.
Sigmund and T.S.L raised their prices from ₦1,300 to ₦1,350 per litre. NIPCO also increased its Lagos price, from ₦1,326 to ₦1,350.
In Calabar, Matrix raised its petrol price from ₦1,315 to ₦1,370 per litre.
Warri also recorded increases, with Keonamex, Matrix, Nepal and Parker moving from ₦1,315 to ₦1,360 per litre. Optima increased its price from ₦1,330 to ₦1,360.
These figures show that the increases were not uniform across the country. Differences between depots and locations can reflect supply conditions, distribution expenses and the commercial decisions of individual operators.
What motorists are paying at filling stations
Despite the increases in wholesale prices, retail petrol prices in Lagos varied by marketer.
The reported prices were:
- NNPC: ₦1,360 per litre.
- MRS Oil: ₦1,338 per litre.
- 11 Plc: ₦1,338.80 per litre.
- Independent marketers: Between ₦1,368 and ₦1,400 per litre.
Based on these figures, motorists buying from MRS and 11 Plc paid less per litre than customers purchasing from independent stations charging up to ₦1,400.
For a motorist buying 40 litres, the difference between ₦1,338 and ₦1,400 per litre amounts to ₦2,480. This illustrates how comparing pump prices can make a meaningful difference to transport and household expenses.
The reported prices are location-specific observations, not a guarantee that every outlet operated by a named marketer was selling at the same rate.
Diesel prices rise to ₦1,900 in Warri
The diesel market also experienced increases, particularly in Warri, where Rain Oil and Matrix raised their Automotive Gas Oil (AGO) prices from ₦1,720 to ₦1,900 per litre.
The ₦180 increase adds to the cost of diesel purchases for businesses that rely on the fuel for electricity generation, transportation and industrial operations.
In Port Harcourt, Dangote increased its diesel price from ₦1,702 to ₦1,720 per litre, while Masters raised its price from ₦1,788 to ₦1,825.
If elevated diesel costs persist, businesses may face additional pressure on their operating budgets. Depending on their ability to absorb or offset the increases, some operators could adjust delivery charges, transport fares or the prices of goods and services.
Such effects are possible consequences of higher energy costs, rather than confirmation that all businesses will raise their prices.
International oil prices add to market uncertainty
The depot increases coincided with gains in selected international crude oil benchmarks.
Brent crude rose from $104.28 to $104.50 per barrel, while West Texas Intermediate (WTI) increased from $91.49 to $91.73. The OPEC Basket also climbed from $108.59 to $109.50 per barrel, and WTI Midland advanced from $92.32 to $92.74.
Other indicators moved in different directions. Murban crude fell from $110.49 to $108.50 per barrel. Reported natural gas prices rose from $3.168 to $3.235, while gasoline declined from $3.316 to $3.293 and heating oil fell from $4.883 to $4.724. The Indian Basket increased from $117.63 to $121.10 per barrel.
The mixed movements are important because petrol prices in Nigeria do not necessarily move in direct proportion to a single day’s change in crude oil prices.
The cost of importing or replacing refined products, exchange-rate movements, financing, shipping, inland transportation, available inventories and depot-level competition can also influence the price charged by suppliers. The relative contribution of these factors to the latest increases has not been established by the reported figures alone.
Why the price gap matters for Nigeria’s economy
Petrol and diesel are important inputs across the Nigerian economy. Petrol affects the cost of private mobility and many commercial transport services, while diesel is widely used by businesses operating generators, trucks and industrial equipment.
A rise in depot prices can place pressure on independent retailers, particularly where they must replenish stock at higher rates. If those costs are passed on to consumers, motorists could face more expensive fuel, while transport operators and businesses may encounter higher running costs.
However, depot prices do not automatically determine the pump price at every station on the same day. Retailers may still have existing inventory, different procurement agreements or different operating costs. This helps explain why some filling stations can temporarily maintain lower prices even as wholesale prices rise elsewhere.
The latest figures therefore point to a market in which location and supplier remain important factors in determining what consumers pay.
What happens next?
Motorists and businesses will need to monitor subsequent depot price lists and retail adjustments to determine whether the increases persist or are reversed.
The main indicators to watch include further changes in international oil benchmarks, the naira’s exchange rate, the availability and replacement cost of refined products, and the prices announced by major depot operators.
Retail prices across Lagos, Port Harcourt, Warri and Calabar will also be worth monitoring, particularly if higher wholesale costs begin to affect more filling stations.
Speaking to Vanguard, Olatide Jeremiah, chief executive officer of Petroleumprice.ng, said the Nigerian downstream sector would continue to respond to developments in the global oil market despite domestic issues.
For consumers, the immediate practical step is to compare prices at nearby stations before buying fuel and to budget cautiously for transport and energy expenses. For businesses, tracking supplier prices and fuel consumption can help them assess the effect of higher energy costs on their operating expenses.
The latest increases underscore the importance of monitoring both wholesale and retail markets before drawing conclusions about the direction of petrol and diesel prices nationwide.
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