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Ex-depot petrol price hits N930 amid Middle East oil supply fears
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Dangote Refinery, Rainoil, others adjust rates as crude soars globally
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Oil union accuses marketers of profiteering, demands regulatory action
Petrol prices in Nigeria have spiked again as major petroleum depots, including the Dangote Refinery, adjusted their ex-depot prices in response to escalating global crude oil costs fuelled by the ongoing Israel-Iran conflict.
According to verified data from Petroleumprice.ng, the cost of Premium Motor Spirit (PMS) at the Dangote Refinery rose from N825 to N840 per litre as of Tuesday, June 17, 2025.
Other players also raised their prices sharply:
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Rainoil: from N850 to N900
Fynefield: from N879 to N930
Mainland: now N920 per litre
Sigmund: N920
Matrix Warri: N910
NIPCO: N895 from last week’s N827
Aiteo: steady at N840
The surge comes as Brent crude rose to $75.63 per barrel and WTI to $74.03, driven by fears of a prolonged Middle East war disrupting global supply chains.
Reacting to the development, Mr Billy Gillis-Harry, National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), confirmed that shifts in global oil market dynamics are directly impacting local prices.
“Any cost shift in the production or importation of refined petroleum products will naturally affect the final price of petrol,” he said in an interview with newsmen.
READ ALSO: Dangote Refinery Begins Fuel Exports to Cameroon
However, the Natural Gas Senior Staff Association of Nigeria (PENGASSAN) President, Mr Festus Osifo, condemned the hike, accusing marketers of profiteering.
Meanwhile, tanker drivers under the Independent Petroleum Marketers Association of Nigeria (IPMAN) have suspended their strike after the Lagos State Government agreed to review the controversial increase in the e-truck call-up fee from N2,500 to N12,500.
The strike had caused temporary fuel supply disruptions across depots in Lagos and neighbouring states, deepening concerns over another round of nationwide scarcity.
