Petrol Price Hike Looms as Global Crude Hits $70, Depots Adjust Nigeria Rates
- Nigerians might face another round of petroleum price increases as crude oil rates climb to $70 per barrel
- Depot operators reacted to the crude price increase, with some already selling petrol above N830 per litre
- Some depots halted sales in Calabar and Port Harcourt, signalling an imminent change in pricing dynamics
Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
Nigeria’s downstream petroleum sector is about to witness another shakeup, as depot owners brace for another price increase due to a climb in crude benchmarks.
Legit.ng earlier reported that PMS prices surged across depots, with Dangote Refinery, AA Rano, and Aiteo increasing their PMS prices to N823 per litre, up from N821.
Source: Getty Images
Depot owners increase petrol prices
PetroleumPriceNG reported that MATRIX opened sales on Monday, August 25, 2025, at N820 per litre but closed sales at N830.
Rainoil reportedly increased its prices to N840 per litre, while NIPCO began sales on Tuesday, August 26, 2025, at N830.
Some depots in Calabar and Port Harcourt halted sales completely, showing a tightening supply and pointing to imminent upward adjustments in depot pricing.
Crude oil prices edge up
The depot price increases came as data from the international crude oil market showed strong fundamentals.
Brent Crude rose to $67.75 per barrel, representing an increase of 1.12%. WTI crude sold at $63.61 per barrel, while Murban crude stood at $70.69 per barrel.
Natural Gas, however, dipped to $2.799 per MMbtu, down by 0.96%.
Experts say crude prices usually edge up, as refining and distribution costs affect depot pricing.
Experts predict worst-case scenarios
Nigerian depots are now exposed to further cost increases alongside exchange rate volatility and dollar-denominated crude imports.
According to the analysts, as crude oil prices strengthen, refineries adjust ex-depot prices upward.
The increase is passed on to depot operators who adjust wholesale pricing for marketers.
The effect often shows in retail pump prices unless subsidised by government policies or interventions.
Source: UGC
Energy policy analyst, Adeola Yusuf, said the current price levels remain stable but could change if crude climbs above $68 per barrel.
“Depot operators will either absorb rising costs temporarily or adjust prices swiftly to protect margins,” he stated.
Depot owners remain on high alert
As crude prices increase, industry players expect elevated volatility in the short term.
The mix of crude price adjustments, exchange rate volatility, and rising refining costs will determine whether depots will tweak prices upwards in the coming days.
Unless crude prices stabilise, marketers and end consumers may soon face costlier petroleum products across Nigeria’s downstream chain.
Dangote Refinery’s fuel distribution plan stalls
Legit.ng earlier reported that hopes for a smooth nationwide fuel distribution rollout by Dangote Refinery stalled after talks between the Federal Government and petroleum marketers ended in deadlock.
The meeting, convened by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), was meant to address concerns around the scheme.
Though Dangote received 1,000 of its planned 4,000 CNG-powered trucks, disagreements with marketers continue to delay the refinery’s take-off.
Source: Legit.ng
