Revealed: Why four major fuel dealers increased prices

• Four large depot owners person accrued the prices of petrol and diesel amid the emergence successful crude lipid prices successful the planetary market
• Data from the marketplace showed that the depot owners adjusted their prices to N1,050 per litre for diesel and N869 for petrol
• Legit.ng’s Pascal Oparada has reported connected tech, energy, stocks, concern and the system for implicit a decade.

There are signs that the pump prices of diesel and petrol would emergence successful the home marketplace owed to the emergence successful Nigeria’s Bonny Light, which accrued by $3.84% to $67.50 per tube from $65 successful the planetary market.

Findings showed that 4 large depot owners connected Tuesday, June 10, 2025, raised the terms of either petrol oregon diesel to implicit N1,050 per litre and N869 per litre, respectively.

Petrol and diesel prices to surge arsenic depot owners rise petrol prices. Credit: NOVATIS
Source: Getty Images

Full database of dealers with accrued prices

The dealers with accrued substance prices see Chisco, Chipet, and Master Energy, portion First Fortune raised its diesel depot prices to N950 per litre from N945, Chisco adjusted to N1,050 per litre from N1,045.

Vanguard reported that Chipet adjusted its depot prices to N1,050 per litre from beneath N1,000, and Master Energy raised its petrol depot costs to N869 per litre and N867 per litre.

Experts foretell caller substance prices

Following the rebound successful crude lipid prices, experts accidental depot prices would proceed to beryllium volatile successful the coming weeks, particularly owed to instability successful the planetary lipid market.

They disclosed that lipid marketers would besides beryllium forced to set pump prices if the concern continues.

Adeola Yusuf, vigor argumentation expert and Team Lead astatine Platforms Africa disclosed that home petroleum prices are hinged connected planetary crude lipid dynamics.

“Now that the crude prices are connected the upswing, Nigerians should brace for higher substance prices.Dangote Refinery, for instance, has been importing crude from abroad, particularly from the US, to conscionable refining needs. The installation volition origin successful the outgo of imports and different variables. This volition interaction section prices,” helium said.

The nationalist president of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Billy Gillis-Harry, disclosed that the marketplace is taxable to changes, saying that the measurement of imported products has reduced, which has impacted the home market.

NBS merchandise April petrol price

Data from the National Bureau of Statistics (NBS) shows that the prices of petroleum products person been unstable successful the past fewer months.

NBS stated that the mean retail terms of petrol accrued to N1,239.33 successful April this year.

Dangote, different large dealers are expected to summation petrol prices. Credit: Bloomberg/Contributor
Source: UGC

The nationalist statistic assemblage said petrol prices accrued by 76% from N701.24 recorded successful the corresponding period successful 2024.

Marketers prosecute overseas suppliers

Legit.ng earlier reported that Major petroleum merchandise marketers successful Nigeria person reportedly inked a deal 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 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.

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

Depot owners summation diesel terms by implicit 10%

Legit.ng previously reported that 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.

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Source: Legit.ng