Petrol Hits ₦800/Litre as Private Depots Increase Prices in Lagos

     Private petroleum depots operating in

 Lagos and other major fuel distribution

 centres have raised the

 ex-depot price of Premium Motor Spirit (PMS),

 also known as petrol, to as high as ₦800 per litre,

 according to findings by Sunday PUNCH.

Data obtained from petroleumprice.ng on

 Saturday showed that average depot prices

 climbed sharply

 within 48 hours, squeezing marketers’ margins

 and heightening concerns over a possible

 increase in

 pump prices nationwide.

In Lagos, Dangote depot, which has maintained

 one of the lowest PMS prices in the market, sold

 petrol

 at ₦703 per litre on Friday, up slightly from

 ₦702.50 recorded on Wednesday, December 31,

 2025.

 Although the increase at Dangote was minimal,

 several other private depots implemented steeper

 hikes.

Eterna and Integrated depots raised their ex-

depot prices to ₦800 per litre on Friday, compared

 with

 ₦726 per litre earlier in the week at Shellplux and

 AIPEC, representing a ₦74 increase within two

 days. Similarly, Aiteo and Lister depots sold

 petrol at ₦780 per litre, up from the ₦750–₦760

 range

 recorded midweek.

     The price movement was even more pronounced

 in Warri, a key petroleum logistics hub. While

 Matrix

 Energy and other major depots sold petrol at

 ₦800 per litre on Wednesday, prices climbed

 further to

 about ₦805 per litre by Friday. Market sources

 attributed the faster reaction in Warri to tighter

 supply

 conditions and higher transportation costs, as

 marketers adjusted inventories ahead of

 anticipated

 scarcity.

   Recall that in December, Dangote Petroleum

 Refinery reduced its petrol gantry price from

 ₦828 to

 ₦699 per litre, a cut that took effect on December

 11, 2025. It marked the refinery’s 20th price

 adjustment in 2025.

Industry operators linked the recent surge in

 depot prices to the temporary shutdown of the

 petrol

 processing unit at the Dangote Refinery, which

 had emerged as a key domestic supplier helping

 to

 stabilise prices after fuel subsidy removal.

Speaking on the development, Chief Executive

 Officer of petroleumprice.ng, Jeremiah Olatide,

 said the

 increase reflects attempts by importers to

 recover losses incurred during December’s price

 cuts. He

 explained that Dangote’s aggressive pricing

 forced many importers to sell below landing costs.

Olatide added that concerns over possible supply

 constraints in January, amid ongoing refinery

 upgrades, have encouraged some depot owners

 to hold back volumes in anticipation of higher

 prices.

 However, he warned that the strategy may be

 short-lived if Dangote resumes full supply.

Industry analysts noted that sustained depot price

 increases could soon translate to higher pump

 prices,

 as marketers struggle to absorb rising costs

 driven by logistics, exchange rate volatility, and

 crude oil

 movements.