Oil marketers in Nigeria have increased depot prices of Premium Motor Spirit (PMS) and diesel (AGO) due to renewed demand signals and rising tensions in the Middle East.
The price hike is attributed to the ongoing conflict between Israel and Iran, which has created uncertainty in global oil flows and increased risk premiums in oil trading.
With Brent crude climbing to $77.88 per barrel and WTI at $74.67, depot owners across Nigeria are already adjusting prices upwards.
Data obtained from Petroleum price’s latest intelligence report noted that Nigerian depot prices for PMS and AGO (diesel) have gone up and are set to rise further this week if the ongoing conflict between Israel and Iran does not abate.
Depot prices as of June 20, 2025, showed that at Lagos depots, the pump price of PMS and AGO at the Dangote Refinery are N880 and N1,055, respectively.
At NIPCO, PMS is sold at N920 while AGO is sold at N1,100. At Wosbab the pump price of PMS is N920 while AGO is N1,050
At the Warri depots PMS and AGO are sold by Matrix Energy at N925 and N1,050, respectively. PMS at A&E is sold at N920.
At the Calabar depots, Mainland sells PMS at N935 while Fynefield sells at N928
At the Port Harcourt depots AGO at Bulk Strategic is sold at N1,100 while PMS at Sigmund is sold at N930.
The ongoing instability involving Israel and Iran continued to create uncertainty in global oil flows.
As a result, risk premiums have returned to oil trading, and buyers are factoring in worst-case scenarios.
Another factor is the Dangote Refinery, which has had to import over 17 million barrels of crude due to domestic shortages.
The associated FX and logistics costs are now reflected in ex-depot pricing.
Again, with the naira trading at N1,605 to the dollar in the black market, import-linked costs for diesel and PMS remain elevated.
Depots are now adjusting for transport, handling, and distribution costs, especially as loading pressure mounts at Lagos and Delta jetties.
Independent marketers are also revising loading strategies, and downstream logistics costs remain high, especially for Northern-bound supply chains.
Rising international oil prices, import dependency, FX instability, and geopolitical threats are all contributing to Nigeria’s upward-trending depot prices.
With Dangote PMS at N880, Matrix Warri at N925, and Mainland Calabar at N935 depot-level, costs are quickly filtering through to the retail segment.
