Price Of Petrol Increases To ₦900 In Private Depots

Private oil depots across Nigeria have raised the price of Premium Motor Spirit (PMS), also known as petrol, to ₦900 per litre this weekend.

Naija News reports that the hike is attributed to the rising prices of crude oil and other global market factors, impacting the cost of refining and distribution.

A weekend check by Vanguard revealed that major oil marketers, including Rainoil, Prudent, A.Y.M Shafa, and Mainland, have increased their depot prices to ₦900 per litre.

This price surge is expected to lead to an upward adjustment of pump prices when petrol reaches the filling stations.

The price of crude oil, a key feedstock for refining, has risen from $70 per barrel to $75 per barrel, placing additional financial strain on refineries, including the $650,000-barrel per day Dangote refinery.

The increase in crude oil prices has caused the refinery to face higher operational costs, impacting the country’s overall pricing structure of petrol.

According to Vanguard, the Dangote refinery, a major player in Nigeria’s oil sector, did not load trucks based on the country’s Naira-for-Crude program over the weekend, as it continued to lift crude oil via ships charged at dollar rates.

This pricing strategy is crucial for covering the refinery’s increased operational costs, particularly as a significant portion of the crude oil it processes is sourced from the international market in dollars.

Petroleumpriceng.com noted that the situation has put additional pressure on oil marketers, including MRS and Ardova, who are now sourcing their ship supplies in dollars.

This has resulted in an inevitable increase in pump prices, with independent retail outlets in Lagos and other parts of Nigeria selling petrol between ₦930 and ₦950 per litre.

The site further stated, “The inability of the federal government to resolve all issues that hinder the execution of the Naira-crude policy will keep petrol prices rising.”

In a related development, the Major Energies Association of Nigeria (MEMAN) reported that the landing cost of imported petrol had increased by ₦88 per litre in just one week.

MEMAN’s daily energy bulletin, issued on March 26, 2025, indicated that the cost had risen from ₦797 per litre last week to ₦885 per litre this week.

MEMAN also acknowledged the ongoing instability in the market, stating, “As the market stabilizes, challenges will arise, and resistance from those accustomed to price control is inevitable. But with robust regulation, industry collaboration, and public transparency, Nigeria can fully realize the benefits of this transformation.”

The association expressed confidence that a well-functioning, deregulated market would attract more investment, improve operational efficiency, and create a more competitive landscape benefiting both businesses and consumers.