Diesel prices spike up to N1,550 per litre as Dangote, marketers hold petrol steady at N1,075 in Lagos
By Aboki Forex —
Diesel prices have jumped by as much as N50 per litre across major depots in Lagos, Port Harcourt, Warri and Calabar, while petrol prices remained largely stable in Lagos due to strong competition between Dangote Refinery and other marketers.
The latest depot pricing data shows that the increase in Automotive Gas Oil (AGO), commonly known as diesel, comes despite concerns that renewed tensions in the Middle East involving the United States and Iran could trigger another round of fuel price increases.
Diesel hikes hit multiple depots
In Lagos, African Terminal raised its diesel loading price by N50 per litre to N1,500. Other major depots including Gulftreasure, Ibachem, Ibeto and T.Time also quoted diesel at N1,500 per litre.
Port Harcourt recorded one of the sharpest increases. Matrix adjusted its diesel price upward by N50 to N1,550 per litre, placing it among the country's highest-priced diesel depots.
Warri also witnessed notable price increases. A.Y.M Shafa increased its diesel loading price from N1,500 to N1,545 per litre, while Prudent Energy maintained its price at N1,550 per litre. In Calabar, Fynfield quoted diesel at N1,480 per litre, although there was no previous price available for comparison.
Petrol stable in Lagos as Dangote holds price
Unlike diesel, petrol prices remained relatively steady across most depots as competition among suppliers continued to restrain major increases. In Lagos, Dangote Petroleum Refinery retained its ex-depot petrol price at N1,075 per litre. Ardova, Nipco and Sahara matched the same price, reflecting intense rivalry among marketers seeking to maintain market share.
African Terminal and Aiteo made only a marginal adjustment, increasing their loading price by one naira to N1,075 per litre from N1,074, indicating that operators remain cautious about introducing significant price increases.
However, the situation differed in other regions. In Port Harcourt, Matrix raised its petrol loading price by N50 to N1,150 per litre from N1,100, making it one of the highest-priced depots for PMS. Other marketers also reviewed their prices upward. Matrix quoted another PMS price of N1,125 per litre, Nepal increased its price to N1,098 from N1,080, while Optima adjusted to N1,100 per litre. Prudent Energy and Rain Oil also implemented price increases, whereas Soroman maintained its petrol price at N1,100 per litre.
What this means for consumers
Industry observers say the varying depot prices reflect the increasingly regional dynamics of Nigeria's downstream petroleum market, where transportation costs, inventory levels, logistics challenges and local demand continue to influence fuel pricing outside the Lagos trading hub. For consumers and businesses, the divergence between diesel and petrol prices means transport and manufacturing costs could rise in regions outside Lagos, while the competition between Dangote and other marketers is helping to keep petrol prices in check for now.