Private oil depots increased the price of Premium Motor Spirit, PMS, also known as petrol, to N900 per litre from more than N890 per litre over the weekend due to rising crude oil prices and other factors in the global market.
Vanguard checks over the weekend showed that oil marketers with N900 per litre depot prices include Rainoil, Prudent, A.Y.M Shafa, and Mainland.
The checks also indicated that petrol pump prices would likely be adjusted upwards when the product reaches the filling stations.
The price of crude oil, a major feedstock involved in refining, rose to $75 per barrel from $70 per barrel, causing refineries, including the $650,000 barrels per day Dangote refinery, to incur additional costs.
Checks by Vanguard indicated that, in line with its pronouncement, the $20 billion Dangote refinery did not load trucks over the weekend based on the nation’s Naira for Crude programme.
The checks showed that lifting through ships that charged dollar rates was ongoing to enable it to cover costs, primarily as a bulk of its crude oil was still sourced in dollars from the international market.
Commenting on the development, petroleumprice.ng said, “The development has impacted the operations of oil marketers, including MRS, Ardova. They had to source their ship supply in dollars, which would culminate in increasing the petrol pump prices in Lagos and other parts of the nation.
“Already, private depots have raised their Depot prices to 900/L, independent retail outlet are selling between 930-950/L. The inability of the federal government to resolve all issues that hinder the execution of Naira-crude policy will keep the petrol price rising.”
Similarly, the Major Energies Association of Nigeria (MEMAN) said that the landing cost of imported petrol has increased by N88 per litre in one week.
In its daily energy bulletin on Wednesday, March 26, 2025, MEMAN said the increase was from N797 per litre last week to N885 this week.
Also, commenting on instability in the market in its latest communique, MEMAN stated: “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 realise the benefits of this transformation.’’
It added that a well-functioning, deregulated market will attract more investment, improve efficiency, and create a more competitive landscape that benefits both businesses and consumers.