Data reveals why depot owners increased diesel prices by over 10 per cent

• Diesel prices person risen successful depots crossed Lagos by implicit 10% owed to accrued section request and rising planetary crude lipid prices
• Market information shows that diesel present sells betwixt N1,025 and N1,050 per litre from N925 arsenic of June 5, 2025
• The caller complaint shows an mean summation of N110 to N125 per litre, indicating a leap of astir 11% to 13%.

Legit.ng’s Pascal Oparada has reported connected tech, energy, stocks, concern and the economy for implicit a decade.

Depot prices for Automotive Gas Oil (AGO), besides known arsenic diesel, person risen by implicit 10% crossed large Lagos terminals successful the past 5 days.

The spike, effectual June 10, 2025, is owed to an summation successful planetary crude lipid prices and a reported rebound successful section request aft the agelong holiday.

Filling stations to set prices arsenic depot owners summation prices. Credit: PIUS EKPEI UTOMI/Stringer
Source: Getty Images

Diesel prices leap by implicit N100 per litre

According to marketplace information from large depot owners, diesel present sells for betwixt N1,025 and N1,050 per litre, comparative to N915 to N925 arsenic of June 5, 2025.

Petroleumpriceng reported that diesel prices roseate astatine NIPCO from N925 to N1,025 per litre, portion Ibeto, Bono, Integrated, and Ibachem accrued their prices from N915 to N1,050 per litre.

The caller complaint translates to an mean summation of N110 to N125 per litre, indicating a leap of astir 11% to 13%.

Dealers accidental the upward summation was unavoidable owed to unit from rising crude lipid and accrued section demands.

Crude lipid prices surge successful planetary markets

Data from the planetary crude lipid marketplace shows that arsenic of Tuesday, June 10, 2025, Brent crude roseate by 0.67% to $67.49 per barrel, portion West Texas Intermediate (WTI) roseate by 0.64% to $65.71 per barrel, and Murban crude roseate by 0.72%, hitting $6753 per dollar.

The summation has widened the landing outgo for imported diesel, particularly for marketers sourcing from the planetary market.

Experts accidental that the emergence successful crude prices often straight affects refined petroleum products specified arsenic diesel.

Higher request puts unit connected diesel prices

Reports accidental that aft the holiday, diesel prices spiked owed to accrued request and logistics operators, manufacturers, and filling stations seeking to restock.

Per the report, diesel is an indispensable substance for generators and haulage fleets, and depletion usually rises pursuing agelong holidays.

Depot owners confirmed buyers person returned successful larger volumes, causing quicker turnover and creating demand.

Analysts expect diesel prices to stay unstable successful the abbreviated term, particularly arsenic planetary lipid markets respond to developments, including geopolitical crises and planetary proviso concatenation issues.

Dealers hike petrol prices astatine the depots

A erstwhile study by Legit.ng disclosed that the Nigerian petroleum marketplace whitethorn spot a slight increase successful depot prices soon owed to a hike successful planetary lipid prices and a home organisation shutdown owed to the agelong holiday.

Reports accidental that from Friday, June 6, to Monday, June 9, 2025, cardinal petrol depots nationwide halted income to observe the nationalist national holiday, slowing down proviso to retail stations.

The depot closures person caused organisation challenges, arsenic industry experts expect pump prices to alteration successful enactment with the interaction successful the coming days, particularly successful municipality areas.

Nigerians to commencement buying substance astatine precocious prices arsenic depot owners summation diesel prices. Credit: Bloomberg/Contributor
Source: Getty Images

According to a study by Petroleum Price, depots which person unopen down see the Mainland depot successful Calabar, Ever Oil and Sigmund successful Port Harcourt, First Fortune and Rainoil successful Warri, and Wosbab, Aipec, and Techno Oil successful Lagos.

Marketers suggest caller petrol prices

Legit.ng earlier reported that the Independent Petroleum Marketers Association of Nigeria (IPMAN) has projected a new PMS price for the Dangote Refinery.

The relation said the mega refinery should merchantability petrol beneath the existent N825 per litre ex-depot price.

IPMAN’s publicity secretary, Chinedu Ukadike, disclosed this recently, stating that the refinery has each the enabling reasons to merchantability petrol beneath the existent gantry price.

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Source: Legit.ng