Nigeria's private depot petrol prices have climbed to an average benchmark of about ₦1,250 per litre, marking a fresh increase from last week's ₦1,200 benchmark, as the continued suspension of product loading at Dangote Petroleum Refinery, rising international crude oil prices and the downstream market's adjustment to evolving dollar-denominated petroleum product transactions reshape wholesale fuel pricing.
Checks conducted by Petroleumprice.ng across major private depots on Monday showed that loading prices have largely converged within the ₦1,248 to ₦1,270 per litre range across Lagos, Port Harcourt, Warri and Calabar, representing a further upward shift from levels recorded last week.
The latest market movement comes as Dangote Petroleum Refinery's suspension of product loading enters a new week, prompting marketers to increasingly source supplies from private depots. The development has also triggered a surge in truck traffic across several depot corridors as marketers seek to secure products amid uncertainty over when loading will resume at the refinery.
Market participants said the suspension of loading has become the immediate driver of wholesale price adjustments, as marketers increasingly source products from private depots amid uncertainty over when the refinery will resume operations. They added that the market is also adjusting to the refinery's evolving dollar-denominated transaction framework, although the extent of its contribution to current depot prices remains the subject of industry debate.
The pressure on domestic prices has coincided with renewed strength in the international oil market. On Monday, Brent crude briefly touched $90 per barrel during Asian trading before easing, while remaining about 2 per cent higher. The U.S. benchmark, West Texas Intermediate (WTI), also gained around 2 per cent, following renewed U.S. military strikes on Iran, retaliatory attacks on American facilities in the region and continued threats to commercial shipping through the Strait of Hormuz.
The renewed rally in crude prices has further increased replacement cost expectations across the downstream market, reinforcing the upward trend already triggered by supply uncertainties.
Checks by Petroleumprice.ng show that Lagos, the country's largest fuel distribution hub, has largely adopted ₦1,250 per litre as its benchmark loading price. Aiteo, Nipco, Integrated, Ascon, African Terminal and Sahara all sold PMS at ₦1,250 per litre, while Aipec quoted ₦1,248 per litre.
In Port Harcourt, prices remained higher. Matrix and Bulk Strategic sold at ₦1,270 per litre, while Liquid Bulk and Nipco offered PMS at ₦1,268 per litre. Masters quoted ₦1,265 per litre, Avidor sold at ₦1,270 per litre, while Bulk Strategic later reviewed its price to ₦1,265 per litre.
Warri also recorded sustained increases, with Rainoil selling PMS at ₦1,270 per litre, while Matrix initially quoted ₦1,250 per litre before revising its price to ₦1,260 per litre.
In Calabar, Sobaz sold petrol at ₦1,255 per litre, while Hong Petroleum offered the product at ₦1,270 per litre, reflecting similar pricing trends across the South-South region.
Compared with last week's benchmark of around ₦1,200 per litre, the latest depot prices indicate that wholesale petrol prices have increased by about ₦50 per litre, representing an increase of roughly 4.2 per cent within one week.
The latest adjustments indicate that the temporary suspension of loading at Dangote Refinery has shifted buying activity toward private depots, where marketers continue to reprice products in response to tighter supply conditions, stronger international crude oil prices and evolving transaction dynamics in the downstream market. Market participants are expected to keep monitoring developments at the refinery, as any resumption of loading or changes to pricing arrangements could influence wholesale petrol prices in the coming days.