The price of Automotive Gas Oil (AGO), commonly known as diesel, has increased across several petroleum depots in Lagos, Port Harcourt, Warri and Calabar, with some locations recording hikes of up to N50 per litre. This surge comes even as Premium Motor Spirit (PMS), or petrol, prices remained largely stable, particularly in Lagos, due to strong competition among marketers and the Dangote Petroleum Refinery.
Diesel Loading Prices Rise Across Key Depots
In Lagos, African Terminal raised its diesel loading price by N50 to N1,500 per litre. Other major depots including Gulftreasure, Ibachem, Ibeto and T.Time also quoted diesel at N1,500 per litre. Port Harcourt recorded one of the sharpest increases, with Matrix adjusting its diesel price upward by N50 to N1,550 per litre, placing it among the country's highest-priced diesel depots. Warri also witnessed notable price increases: A.Y.M Shafa increased its diesel loading price from N1,500 to N1,545 per litre, while Prudent Energy maintained its price at N1,550 per litre. In Calabar, Fynfield quoted diesel at N1,480 per litre, although no previous price was available for comparison.
Petrol Prices Remain Stable in Lagos
Unlike diesel, petrol prices remained relatively steady across most depots as competition among suppliers continued to restrain major increases. In Lagos, Dangote Petroleum Refinery retained its ex-depot petrol price at N1,075 per litre. Ardova, Nipco and Sahara matched the same price, reflecting intense rivalry among marketers seeking to maintain market share. African Terminal and Aiteo made only a marginal adjustment, increasing their loading price by one naira to N1,075 per litre from N1,074, indicating that operators remain cautious about introducing significant price increases.
Regional Differences in Petrol Pricing
However, the situation differed in other regions. In Port Harcourt, Matrix raised its petrol loading price by N50 to N1,150 per litre from N1,100, making it one of the highest-priced depots for PMS. Other marketers also reviewed their prices upward: Matrix quoted another PMS price of N1,125 per litre, Nepal increased its price to N1,098 from N1,080, while Optima adjusted to N1,100 per litre. Prudent Energy and Rain Oil also implemented price increases, whereas Soroman maintained its petrol price at N1,100 per litre.
Market Dynamics and Outlook
Industry observers say the varying depot prices reflect the increasingly regional dynamics of Nigeria's downstream petroleum market, where transportation costs, inventory levels, logistics challenges and local demand continue to influence fuel pricing outside the Lagos trading hub. The latest movements suggest that diesel prices remain sensitive to supply costs, logistics expenses and regional demand, with depot operators adjusting prices in response to changing market conditions. This comes despite concerns that renewed tensions in the Middle East involving the United States and Iran could trigger another round of fuel price increases.
