Nigerian Diesel Depot Prices Surge Above N2,000 Per Litre Amid Global Crude Rally
Diesel prices across major depots in Nigeria have risen sharply, surpassing the N2,000 per litre threshold, according to recent market checks. This significant increase is primarily driven by escalating global crude oil prices and tightening supply conditions, which are exerting substantial cost pressures on the downstream oil sector.
Major Depots Record Significant Price Hikes
Market data from Petroleumprice.ng, collected on April 7, 2026, reveals that several private depots in key Nigerian locations have adjusted their Automotive Gas Oil (AGO) prices upward. In Lagos, Nipco depot raised its price to N2,020 per litre, while Obat and Matrix depots quoted N2,200 per litre. Ibeto depot also sold diesel at N2,000 per litre, indicating a consistent upward trend across the state.
A similar pattern was observed in Port Harcourt, where Sigmund and Matrix depots priced diesel at N2,200 per litre. In Warri, Prudent depot sold at N2,000 per litre, while A.Y.M Shafa and Matrix depots offered the product at N2,200 per litre. Meanwhile, supply challenges persisted in Calabar, with reports indicating limited availability of diesel in the area.
Rising Crude Oil Prices Drive Increases
The price surge is largely attributed to the continued rise in global crude oil benchmarks, which has pushed up procurement and logistics costs for importers. As of 1:30 pm West Africa Time, Brent crude traded at $110.4 per barrel, reflecting a 0.72% increase, while West Texas Intermediate rose to $115.0 per barrel, gaining 2.26%.
Industry sources noted that the sustained rally in crude prices has increased replacement costs, prompting depot operators to adjust their prices accordingly. This development highlights the sensitivity of Nigeria's diesel market to global oil price movements, especially amid ongoing geopolitical tensions affecting supply chains.
Dangote Refinery Prices Remain Lower for Now
Despite the increase among private depots, ex-depot pricing from the Dangote Refinery remains relatively lower, with its gantry price currently at N1,750 per litre. However, market analysts suggest that upward adjustments from the refinery may occur soon as cost pressures continue to build across the sector.
It is worth noting that Dangote Refinery has previously threatened to fully supply the international market and deny Nigerians fuel if Nigerian authorities continue to grant import licences to importers. Experts caution that a full export of Dangote's output could have immediate consequences for Nigeria, potentially leading to fuel shortages, long queues at filling stations, and renewed upward pressure on pump prices.
Consumers May Face Higher Pump Prices
Stakeholders in the downstream sector have warned that the increase at the depot level is likely to affect retail pricing in the coming days. As marketers respond to higher landing costs, end users, including businesses and households, may experience a rise in diesel prices at the pump.
This development underscores the ongoing challenges in Nigeria's energy sector, where local prices are heavily influenced by global market dynamics. The situation calls for close monitoring as further adjustments may be imminent, impacting both commercial operations and household budgets across the country.
