Oil marketers have increased the depot prices of Premium Motor Spirit or petrol in reaction to renewed demand signals and rising tensions in the Middle East.
With Brent crude climbing to $77.88 per barrel and WTI at $74.67, depot owners across Nigeria are already adjusting prices upwards.
Data obtained from Petroleumprice’s latest intelligence report noted that Nigerian depot prices for PMS and AGO (diesel) have gone up and are set to rise further this week if the ongoing conflict between Israel and Iran does not abate.
Depot prices as of June 20, 2025, showed that at Lagos depots, the pump price of PMS and AGO at the Dangote Refinery are ₦880 and ₦1,055, respectively.
At NIPCO, PMS is sold at ₦920 while AGO is sold at ₦1,100. At Wosbab the pump price of PMS is ₦920 while AGO is ₦1,050
At the Warri depots PMS and AGO are sold by Matrix Energy at ₦925 and ₦1,050, respectively. PMS at A&E is sold at ₦920.
At the Calabar depots, Mainland sells PMS at ₦935 while Fynefield sells at ₦928
At the Port Harcourt depots AGO at Bulk Strategic is sold at ₦1,100 while PMS at Sigmund is sold at ₦930.
Why Depot Prices Are Rising
The ongoing instability involving Israel and Iran continues to create uncertainty in global oil flows.
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As a result, risk premiums have returned to oil trading, and buyers are factoring in worst-case scenarios.
Another factor is the Dangote Refinery, which has had to import over 17 million barrels of crude due to domestic shortages.
The associated FX and logistics costs are now reflected in ex-depot pricing.
Again, with the naira trading at ₦1,605 to the dollar in the black market, import-linked costs for diesel and PMS remain elevated.
Depots are now adjusting for transport, handling, and distribution costs, especially as loading pressure mounts at Lagos and Delta jetties.
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What To Expect This Week
Independent marketers are also revising loading strategies, and downstream logistics costs remain high, especially for Northern-bound supply chains.
Rising international oil prices, import dependency, FX instability, and geopolitical threats are all contributing to Nigeria’s upward-trending depot prices.
With Dangote PMS at ₦880, Matrix Warri at ₦925, and Mainland Calabar at ₦935 depot-level, costs are quickly filtering through to the retail segment.
