… Crude oil costs hit new high
By Charles Ebi
Four major depot owners have increased the prices of petrol and diesel amid the rise in crude oil prices in the international market
Data from the market showed that the depot owners adjusted their prices to N1,050 per litre for diesel and N869 for petrol
There are signs that the pump prices of diesel and petrol would rise in the domestic market due to the rise in Nigeria’s Bonny Light, which increased by $3.84% to $67.50 per barrel from $65 in the global market.
Findings showed that four major depot owners on Tuesday, June 10, 2025, raised the price of either petrol or diesel to over N1,050 per litre and N869 per litre, respectively.
The dealers with increased fuel prices include Chisco, Chipet, and Master Energy, while First Fortune raised its diesel depot prices to N950 per litre from N945, Chisco adjusted to N1,050 per litre from N1,045.
report has has it that Chipet adjusted its depot prices to N1,050 per litre from below N1,000, and Master Energy raised its petrol depot costs to N869 per litre and N867 per litre.
Following the rebound in crude oil prices, experts say depot prices would continue to be volatile in the coming weeks, especially due to instability in the global oil market.
They disclosed that oil marketers would also be forced to adjust pump prices if the situation continues. Adeola Yusuf, energy policy analyst and Team Lead at Platforms Africa disclosed that domestic petroleum prices are hinged on global crude oil dynamics. “Now that the crude prices are on the upswing, Nigerians should brace for higher fuel prices.
Dangote Refinery, for instance, has been importing crude from abroad, especially from the US, to meet refining needs.
The facility will factor in the cost of imports and other variables. This will impact local prices”, he said.
The national president of the Petroleum Products Retail Outlets Owners Association of Nigeria ,PETROAN, Billy Gillis-Harry, disclosed that the market is subject to changes, saying that the volume of imported products has reduced, which has impacted the domestic market.
Data from the National Bureau of Statistics ,NBS, shows that the prices of petroleum products have been unstable in the last few months.
NBS stated that the average retail price of petrol increased to N1,239.33 in April this year. Dangote, other major dealers are expected to increase petrol prices.
The national statistics body said petrol prices increased by 76% from N701.24 recorded in the corresponding month in 2024.
According to reports making the rounds, marketers have engaged foreign suppliers particularly the major petroleum product marketers in Nigeria reportedly inked a deal with prominent global petrol suppliers to import cheaper products that will sell below Dangote and NNPC retail outlets. According to reports, the deal will see the marketers selling petrol at about N700 per litre, far cheaper than what is obtained at NNPC and Dangote Refinery partner stations.
Recall that AljazirahNigeria had earlier reported that the Independent Petroleum Marketers Association of Nigeria ,IPMAN, asked the Dangote Refinery to lower its petrol prices below N800 per litre.
IPMAN’s publicity secretary, Chinedu Ukadike, said that the current ex-depot price offered by the refinery is still high given the current market dynamics.
He predicted that the product would sell below N700 per litre if the naira appreciated to N1,100 per dollar.
Depot owners increase diesel price by over 10% Legit.ng previously reported that depot prices for Automotive Gas Oil ,AGO, also known as diesel, have risen by over 10% across major Lagos terminals in the last five days.
The spike, effective June 10, 2025, is due to an increase in international crude oil prices and a reported rebound in local demand after the long holiday.
