Depot owners hike prices as experts project new petrol prices

• Depot owners crossed Nigeria person somewhat accrued their prices owed to a operation of factors
• The improvement comes arsenic depots unopen down for the holiday, arsenic crude lipid prices rallied successful the planetary market
• Experts expect filling stations to moderately set their pump prices successful enactment with marketplace conditions

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

The Nigerian petroleum marketplace whitethorn spot a flimsy summation 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.

Depot owners set petrol prices upwards arsenic crude prices skyrocket. Credit: Bloomberg/Contributor
Source: UGC

Crude lipid prices rise

As of Friday, June 6, 2025, Brent crude traded astatine $66.46 per barrel, rising to $67.91 by Tuesday, June 10, 2025, showing the rising planetary request expectations and tighter output predictions owed to Canadian wildfires and the Middle East crisis.

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

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.

Depot owners hike prices again

The study stated that these closures halted merchandise loading and dispatch operations, which caused proviso lag.

The planetary marketplace is besides contributing to the expected emergence successful substance prices, arsenic the Brent crude terms hike comes from a operation of accrued summertime question request successful the US, the ongoing OPEC+ output cuts, and a weaker dollar, which boosted commodity prices.

On the home front, Nigeria present refines substance locally via the elephantine Dangote Refinery. However, planetary marketplace forces and FX fluctuations inactive find prices, particularly for depots that import oregon bargain products from offshore.

Legit.ng earlier reported that successful the past week, petrol ex-depot prices remained betwixt N828 and N850 per litre, but analysts accidental the terms whitethorn ascent by N5 to N10 per litre if proviso remains choky and crude prices proceed to rally.

Experts foretell higher petrol prices

There are projections that arsenic depots statesman afloat loading from Tuesday, June 10, 2025, dispatch velocity volition find however proviso catches up with demand.

Also, Brent crude whitethorn proceed to hover supra the $67-68 per tube ceiling and whitethorn prolong unit connected home pricing.

Experts task that speech complaint stableness volition besides impact ex-depot terms thresholds.

Marketers determination against Dangote Refinery

The improvement comes arsenic large petroleum merchandise marketers successful Nigeria person reportedly inked a woody with salient planetary petrol suppliers to import cheaper products that volition merchantability beneath Dangote and NNPC retail outlets.

According to reports, the woody volition spot the marketers selling petrol astatine astir N700 per litre, acold cheaper than what is obtained astatine NNPC and Dangote Refinery spouse stations.

IPMAN asks Dangote to little petrol prices

Legit.ng reported earlier that the Independent Petroleum Marketers Association of Nigeria (IPMAN), asked the Dangote Refinery to little its petrol prices beneath N800 per litre.

IPMAN’s publicity secretary, Chinedu Ukadike, said that the existent ex-depot terms offered by the refinery is inactive precocious fixed the existent marketplace dynamics.

New petrol prices to aboveground arsenic depot owners hike costs. Credit: Bloomberg/Contributor
Source: Getty Images

He predicted that the merchandise would merchantability beneath N700 per litre if the naira appreciated to N1,100 per dollar.

Importers foretell caller petrol landing cost

Legit.ng earlier antecedently reported that the Major Energies Marketers Association of Nigeria (MEMAN) has said that petrol landing cost successful June 2025 is expected to beryllium astir N950 per litre.

The association’s study shows that the landing outgo of PMS successful November 2024 was astir N971 per litre.

MEMAN members are cardinal players successful the Nigerian downstream petroleum industry, providing reliable information connected landing costs and different marketplace information.

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Source: Legit.ng