Private Depots Raise Petrol Prices to N900 Per Litre as MRS, AP, Others Hike Costs in Lagos, Abuja
- Private depot operators have increased petrol prices from N900 per litre following the rise in crude oil costs
- The development has led to an increase in pump prices of petrol and other petroleum products nationwide
- Investigations show that Rainoil, Prudent, AYM Shafa, and other petroleum product marketers raised their depot prices
Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
Private oil depots have increased petrol prices to N900 per litre over the weekend due to increased crude oil prices and other factors in the global market.
Findings reveal that oil marketers, including Rainoil, Prudent, AYM Shafa, and Mainland Oil, have increased their depot prices to N900 per litre.
Source: UGC
Rise in crude prices leads to petrol price hikes
Investigations show that petrol stations would likely increase their prices when the products hit the stations.
Legit.ng reported that the crude oil prices rose to $75 per barrel from $70 last week, causing refineries, including the Dangote Refinery to incur additional costs.
In addition to the development, the mega refinery reportedly did not load trucks based on the naira-for-crude arrangement with the Nigerian government.
The refinery loaded ships with petroleum products in dollars to cover costs, especially since it purchased most of its feedstock from the international market in dollars.
Filling stations increase petrol prices
Vanguard reports that the development has impacted the operations of petroleum product marketers including MRS, Ardova and other marketers.
The marketers disclosed that they sourced their supplies in dollars and that may lead to an increase in pump prices in Lagos and other parts of the country.
Sources say private depots have increased their depot costs to N900 per litre, while independent retailers sell between N930 to N950.
The Nigerian government’s inability to resolve all issues hindering the continuation of the naira-for-crude deal will lead to an increase in petrol prices.
Petrol landing costs increase
Also, the Major Energies Association of Nigeria (MEMAN) revealed that the landing cost of petrol rose by N88 per litre in one week.
MEMAN disclosed in its daily energy bulleting that the increase was from N797 per litre last week to N885.
Other reports say due to the suspended naira-for-crude deal between the Dangote Refinery and the NNPC, MRS filling stations have effected a new petrol price, increasing its costs to N930 per litre in Lagos and N960 in the northern parts of the country.
Source: Getty Images
The price became effective from March 28, 2025, representing an N70 addition from the N860 per litre in Lagos, N870 in other parts and an N80 difference from N880 in the north.
Marketers threaten to sell fuel in dollars to Nigerians
Legit.ng earlier reported that petroleum oil marketers have adjusted their pump prices amid ongoing disagreement between the Nigerian National Petroleum Company Limited (NNPC) and the Dangote Refinery over the sale of crude in naira.
Legit.ng reported that the price adjustments came as private depot owners increased their prices from N850 per litre to N878.
Meanwhile, the Independent Petroleum Marketers Association of Nigeria (IPMAN) has threatened to begin the sale of petrol in dollars if the Dangote Refinery starts selling its products in foreign currency.
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Source: Legit.ng
