Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

Prices of Premium Motor Spirit (PMS), commonly known as petrol, have once again increased across major depots and also at Dangote Petroleum refinery.

The changes signal an imminent adjustment of petrol prices at filling stations nationwide.

The price changes at depots are in response to a global oil rally following a sudden military escalation between Israel and Iran.

On Thursday, Brent crude, the international benchmark for oil, traded above $75 per barrel, exceeding Nigeria’s 2025 budget benchmark.

Data obtained from petroleumprice.ng shows that several depot operators, including Emadeb, Pinnacle, Swift, and Rainoil Lagos, raised their prices by as much as N18 per litre on Friday, June 13.

Dangote increased its price from N827 to N840, reflecting a 1.57% rise. Menj raised prices from N826 to N850, marking a 2.91% increase.

Similarly, Rainoil adjusted its rate from N830 to N850.

Emadeb recorded the highest single increase of N18, pushing its price to N845 per litre. Pinnacle’s price climbed by N16 to N845, while Swift added N15, reaching N845 per litre.

Other notable movers include:

The data also showed that several depots in Delta and Warri, including Rainoil Delta, Matrix Warri, and A&E, maintained their prices.

Despite Nigeria's improving domestic production, petrol pricing is pegged to international crude oil prices due to the continued importation of crude and finished products.

Petrol retail prices are currently between N870 and N910 per litre, depending on locations.

The fresh upward changes in depot prices are expected to ripple through to the pump, with marketers likely to adjust retail prices in the coming days to reflect the rising cost of loading petrol.

In Lagos, diesel (AGO) prices recorded the sharpest increase. Nipco raised rates from N960 to N1100, representing a 14.58% spike.

Ibeto also adjusted its diesel price upward from N950 to N1000, marking a 5.26% increase. Meanwhile, Dangote made a smaller upward revision from N950 to N955, a rise of 0.53%.

In Warri, the changes were more measured. Diesel prices at Matrix and Optima increased marginally from N995 to N1000, reflecting a 0.5% rise in both cases.

Petrol prices also saw modest adjustments, with Prudent moving from N850 to N856, up by 0.71%, while First Fortune increased from N850 to N860, a 1.18% gain.

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

The association said the mega refinery should sell petrol below the current N825 per litre ex-depot price.

Ukadile said, despite Dangote’s assertion, petrol should be far cheaper in Nigeria at about N750 per litre.

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Source: Legit.ng