Lagos Private Depots Raise Pump Price To N800/litre
It has been reported that private petroleum depots across Lagos State and other key fuel trading hubs have raised the ex-depot price of Premium Motor Spirit (petrol) to as high as N800 per litre.
The development was learnt in a report gathered by Sunday Punch.
According to data obtained from petroleumprice.ng on Saturday, the average cost of petrol at private depots increased sharply within 48 hours, tightening margins for marketers and raising fresh concerns over an imminent spike in retail pump prices nationwide.
Recall, the Dangote Refinery, which had recently become a major domestic supplier of PMS, helping to moderate prices following the removal of fuel subsidies reduced its petrol gantry price, slashing the ex-depot rate from N828 to N699 per litre as the new price took effect on December 11, 2025, marking the 20th petrol price adjustment announced by the refinery this year.
In Lagos, Dangote depot, which consistently offers the lowest petrol price sold PMS at N703 per litre on Friday, up from N702.50 on Wednesday, December 31, 2025. While the increase at Dangote was marginal, other private depots recorded steeper adjustments.
Punch reports read that Eterna and Integrated depots raised petrol prices to N800 per litre on Friday, compared with N726 per litre at Shellplux and AIPEC earlier in the week, indicating a jump of N74 per litre within two days.
Similarly, Aiteo and Lister depots sold petrol at N780 per litre, up from N750–N760 band recorded on Wednesday.
The impact was more pronounced in Warri, one of the country’s key petroleum logistics hubs.
While Matrix Energy and other major depots sold petrol at N800 per litre on Wednesday, prices climbed to as high as N805 per litre by Friday, according to the report.
Similarly in Warri, marketers reposition volumes ahead of anticipated scarcity due to tighter supply lines and higher transportation costs.
Commenting, the Chief Executive Officer of petroleumprice.ng, Jeremiah Olatide, said the latest increase was a calculated response by importers seeking to recover losses recorded in December.
He explained that importers were hit hard by the aggressive price slash by the Dangote Refinery, which sold petrol at about N699 per litre, forcing many private players to sell below their landing costs.
“This price uptick is a deliberate move by importers to recoup losses from the massive price slash by the Dangote Refinery in December,” Olatide said.
“We will see how the new pricing plays out, but there will likely be a fightback from the refinery,” he added.
With Dangote’s supply temporarily curtailed, private depot owners have begun repricing available stock, citing replacement costs, foreign exchange volatility and uncertainty around import schedules.
The Dangote Refinery, with a capacity of 650,000 barrels per day, had raised expectations of price stability through local refining. However, its temporary petrol unit shutdown has exposed the fragility of supply dynamics, especially as imports remain costly.
Credit: Punch Newspapers
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