Diesel Prices Surge As Regional Fuel Costs Diverge Despite Stable Petrol Market

• Diesel loading prices climbed across Lagos, Port Harcourt and Warri, with some depots adding up to ₦50 per litre.
• Petrol prices remained largely stable in Lagos as competition among marketers and Dangote Refinery continued to restrain increases.
• Regional logistics, inventory levels and transportation costs are widening fuel price disparities across the country.

Nigeria’s downstream petroleum market recorded fresh pressure on diesel prices on Friday as major depots across Lagos, Port Harcourt and Warri raised loading costs, while petrol prices remained largely stable amid intense competition among suppliers.

The latest market movement indicates a widening gap between Automotive Gas Oil (AGO), commonly known as diesel, and Premium Motor Spirit (PMS), despite renewed concerns over geopolitical tensions in the Middle East that had previously triggered fuel price volatility.

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Market data showed that several major depots increased diesel prices, pushing the product to new highs in parts of the country.

In Lagos, African Terminal raised its diesel loading price by ₦50 to ₦1,500 per litre. Other major depots, including Gulftreasure, Ibachem, Ibeto and T.Time, also quoted diesel at ₦1,500 per litre.

Port Harcourt witnessed one of the sharpest increases, with Matrix raising its diesel price by ₦50 to ₦1,550 per litre, placing it among the country’s highest-priced diesel depots.

In Warri, A.Y.M Shafa increased its diesel loading price from ₦1,500 to ₦1,545 per litre, while Prudent Energy maintained its existing price of ₦1,550 per litre.

Calabar recorded comparatively lower pricing, with Fynfield quoting diesel at ₦1,480 per litre.

Unlike the diesel market, petrol prices remained relatively steady, particularly in Lagos, where aggressive competition among marketers and the Dangote Petroleum Refinery continued to keep wholesale prices under control.

Dangote Refinery maintained its ex-depot petrol price at ₦1,075 per litre, matching the rates offered by Ardova, Nipco and Sahara, reinforcing the intense rivalry among major suppliers.

African Terminal and Aiteo implemented only marginal adjustments, increasing their petrol loading prices by one naira to ₦1,075 per litre.

However, the trend differed outside Lagos.

In Port Harcourt, Matrix increased its petrol loading price by ₦50 to ₦1,150 per litre, making it one of the highest quotations for the product.

Other depots also reviewed their prices upward. Nepal increased its petrol price from ₦1,080 to ₦1,098 per litre, while Optima moved to ₦1,100 per litre. Prudent Energy and Rain Oil also adjusted their prices upward, with Soroman maintaining its loading price at ₦1,100 per litre.

Industry observers said the latest pricing pattern reflects the increasingly regional nature of Nigeria’s deregulated petroleum market, where transportation expenses, depot inventories, logistics costs and local demand conditions now play a greater role in determining fuel prices across different parts of the country.

While petrol prices have remained relatively insulated by stronger competition among suppliers, diesel continues to experience upward pressure driven by operational costs and supply dynamics across regional depots.