Dangote Refinery has adjusted the ex-depot prices of Premium Motor Spirit (petrol) and Automotive Gas Oil (diesel) following a sharp rise driven by global crude oil market pressures.
Brent crude surged from $105 per barrel on Monday to $118 on Wednesday, eventually reaching $125 per barrel at the time of reporting.
In response, the refinery increased its petrol gantry price from N1,200 to N1,275 per litre, while coastal supply rose to N1,215 per litre. Diesel prices also moved up to ₦1,800 per litre from ₦1,750.
Sources indicated that loading operations at the refinery were suspended around midnight on Wednesday, halting diesel allocations to marketers.
Across major depots nationwide, prices reflected the upward trend. In Lagos, diesel sold for as high as ₦1,980 per litre at some depots, while prices in Calabar, Warri, and Port Harcourt ranged between ₦1,950 and ₦2,050 per litre.
The surge has been linked to tightening global supply and heightened geopolitical tensions, particularly in the Middle East, which have pushed crude prices higher.
With Brent trading near $125 per barrel and West Texas Intermediate also recording gains, industry analysts say the pressure is already impacting Nigeria’s downstream market.
They noted that rising crude costs increase the expense of importing refined products, leading to higher landing and replacement costs for marketers.
As a result, further increases in depot and pump prices appear likely if global oil prices remain elevated.
Experts have warned that the situation could drive up transport fares, air travel costs, and overall inflation, urging businesses and consumers to prepare for continued pressure across the petroleum sector.