Depot Prices Surge Nationwide
Energy depot operators have increased petrol prices by about ₦45 per litre following a suspension of loading by Dangote Refinery. The latest market survey shows that depot prices rose by approximately 3% on Monday, July 20, 2026, with most marketers adjusting rates upward. This development comes as global crude oil prices climb sharply, pushing up the cost of refined petroleum products and intensifying pressure on Nigeria’s downstream sector.
Several major private depots announced new petrol prices, reflecting the growing impact of rising crude oil benchmarks on local fuel costs. For instance, AIPEC depot raised its price from ₦1,200 per litre to ₦1,248 per litre, while SOBAZ depot increased from ₦1,205 to ₦1,255 per litre. Masters depot now sells at ₦1,260 per litre, up from ₦1,240, and Matrix Warri depot moved from ₦1,230 to ₦1,250 per litre. These increases are expected to filter through to filling stations in the coming days, potentially driving pump prices higher and worsening the burden on consumers already grappling with inflation, according to data from PetroleumPriceNG.
Crude Oil Rally Fuels Local Price Hikes
Analysts attribute the latest petrol price surge to the sharp rise in international crude oil prices. Data from Oilprice.com shows that Brent Crude briefly reached $90 per barrel before easing to $87.62. West Texas Intermediate climbed to $81.82, while Murban Crude traded at $80.55 per barrel. The global rally has already affected Nigeria’s fuel market, with importers adjusting their prices upward in response to higher landing costs.
The surge in crude oil prices has intensified pressure on Nigeria’s downstream sector, as the cost of imported refined products rises. This has led to a ripple effect across the supply chain, with depots and marketers passing on the increased costs to consumers.
IPMAN Warns of Imported Fuel Pressure
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has urged the Federal Government and the Nigerian Midstream and Downstream Petroleum Regulatory Authority to urgently reassess recently issued fuel import licences. IPMAN’s National Publicity Secretary, Chinedu Ukadike, warned that the current policy could worsen pump-price inflation and place additional pressure on the naira.
According to Ukadike, some importers are now selling petrol at about ₦1,350 per litre, a rate significantly higher than the price supplied by Dangote Refinery to marketers. He disclosed that the landing cost of imported petrol is roughly 20% higher than Dangote’s supply price, describing the arrangement as counterproductive. He argued that importing fuel at higher costs unnecessarily strains Nigeria’s foreign exchange reserves and weakens the naira, especially as the dollar exchange rate hovers around ₦1,400.
“If we are having continuous and uninterrupted supply, our problem is pricing. Is it not better we sit down and see how this issue can be controlled, than signing unnecessary import licences that will further inflate the price of petroleum products in our country?” Ukadike said.
Nigerians Brace for Further Price Increases
With depot prices rising and crude oil markets remaining volatile, Nigerians may face another round of fuel price increases in the days ahead. The suspension of loading by Dangote Refinery has compounded the situation, as marketers now rely more heavily on imported fuel, which comes at a higher cost.
Earlier reports indicated that petroleum product depots across Nigeria released revised petrol loading rates, with prices jumping by as much as ₦118 per litre during the week, following Dangote Refinery's decision to price refined products in US dollars. The refinery's shift to dollar-denominated sales of Premium Motor Spirit (PMS), Automotive Gas Oil (AGO), and Aviation Turbine Kerosene (ATK) has pushed up replacement costs for marketers. This shift reacted across the supply chain, compelling private depots in Lagos, Warri, Port Harcourt, and Calabar to update their loading prices accordingly.
