Nationwide Fuel Price Surge: Depots and Stations Adjust Amid Global Crude Highs
Private depot owners across Nigeria are implementing price adjustments for petroleum products as global crude oil benchmarks remain elevated, directly impacting costs at filling stations nationwide. Brent crude and West Texas Intermediate (WTI) are currently trading between $99 and $105 per barrel, a significant factor driving changes in petrol pricing within the country. Despite the operational presence of the Dangote Refinery, petrol prices continue to be heavily influenced by the volatile global crude oil market, highlighting the interconnected nature of energy economics.
Current Pricing Dynamics and Market Analysis
In its latest report titled Energy Bulletin, released on Tuesday, April 14, the Major Energies Marketers Association of Nigeria (MEMAN) provided detailed insights into current fuel costs. At the Dangote Refinery, petrol is priced at approximately N1,153 per litre for coastal deliveries and around N1,200 per litre at the gantry. Diesel is estimated at about N1,750 per litre, while aviation fuel is priced at roughly N1,916.22 per litre. In comparison, estimated import parity prices as of April 13, 2026, show petrol ranging between N1,768.18 and N1,972.40 per litre, diesel between N1,400 and N2,300 per litre, and aviation fuel between N1,700 and N1,800 per litre.
Market analysts emphasize that this wide gap underscores the growing competitiveness of local refining efforts, particularly as rising freight costs and foreign exchange pressures escalate the expense of imports. The report reveals that ex-depot prices across Nigeria reflect regional variations but remain broadly similar to Dangote’s pricing structure. For instance, in Lagos, petrol sold between N1,208 and N1,212.10 per litre, marking an increase from the previous average rate of N1,180, while diesel ranged from N1,751 to N2,006 per litre. In Port Harcourt, petrol prices varied from N1,180 to N1,225 per litre.
Regional Variations and Supply Constraints
Warri and Calabar recorded wider fluctuations in diesel prices, with rates ranging from below N900 to as high as N2,000 per litre, pointing to significant supply and logistics constraints in these areas. At filling stations, Nigerians are now purchasing petrol at an average price of N1,255 per litre, up from the previous rate of N1,230. The report adds that limited import permits in Nigeria and insufficient supply flows from key regions such as the United States and India are constraining market flexibility, further complicating the pricing landscape.
Analysts note that these trends are making locally refined products from the Dangote Refinery increasingly competitive, even as global market pressures continue to shape Nigeria’s fuel pricing outlook. According to insights from S&P Global Platts, rising freight rates from Europe have pushed up gasoline differentials in West Africa, increasing landed costs into regional hubs like Lomé, which indirectly affects Nigerian markets. Earlier reports indicated that Nigerian National Petroleum Company Limited (NNPCL) retail outlets have reduced their Premium Motor Spirit (PMS) prices, with petrol now selling at N1,255 per litre, down from N1,330, representing a reduction of N75. This change follows Dangote Refinery’s decision to lower its petrol gantry price by N85 to N1,200 per litre from N1,285.
Broader Implications for the Nigerian Economy
The ongoing adjustments in fuel pricing have broader implications for the Nigerian economy, affecting transportation costs, inflation rates, and overall business operations. As global crude benchmarks remain high, the reliance on imports and the competitive edge of local refineries like Dangote will be critical factors in determining future price stability. Industry stakeholders are closely monitoring these developments, anticipating further shifts based on international oil trends and domestic refining capacities.
