Fuel prices have surged significantly this morning, with the market reacting to adjusted depot rates and the ongoing volatility in global crude oil prices.
Most retail outlets have now pushed prices well above the ₦1,200 mark as supply costs continue to climb.
Retail Pump Prices (Major Marketers)
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NNPC Retail Stations: ₦998 – ₦1,050 per litre (Still the lowest, but characterized by heavy queues).
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Major Marketers (Mobil, TotalEnergies, Conoil): ₦1,200 – ₦1,250 per litre.
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Eterna Plc: ₦1,240 per litre.
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North West Petroleum: ₦1,235 per litre.
Independent Marketers (IPMAN)
Independent filling stations in major cities are dispensing at higher rates due to logistics and landing costs:
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Lagos & Environs: ₦1,250 – ₦1,350 per litre.
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Abuja & Northern States: ₦1,300 – ₦1,450 per litre.
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South-East (Enugu/Onitsha): ₦1,320 – ₦1,380 per litre.
Depot & Gantry Prices
The current pricing structure is driven by the latest adjustments from major local suppliers:
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Dangote Refinery Gantry Price: ₦1,200 – ₦1,245 per litre (This reflects the recent adjustment from the previous lower benchmarks).
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Private Depot Prices (Lagos/Warri): ₦1,280 – ₦1,310 per litre.
Market Analysis & Trends
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Global Impact: Global Brent crude prices recently tested the $100 per barrel mark, triggered by escalating Middle East tensions and the closure of critical shipping routes like the Strait of Hormuz.
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Supply Status: Scarcity has resurfaced in major hubs. Many stations remained shut over the weekend, leading to tighter supply conditions and the return of “black market” fuel hawkers.
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Currency Pressure: The continued volatility of the Naira against the Dollar—currently trading at ₦1,475 in the parallel market—is adding to the “replacement cost” for marketers who rely on international pricing benchmarks.
