₦airaland Forum

Depot price hits N1,735/Litre in Port Harcourt l12 depots increase prices — Report

Dangote Refinery determines market pace —Experts

Despite drop in price of crude in the global oil market, operators in Nigeria’s downstream sector have increased the prices of Premium Motor Spirit, PMS, also known as petrol, by an average of N1,212 per litre from N1,158 per litre, an increase of 4.7 per cent which has triggered fresh worries in the polity.

The price of Brent used in benchmarking other crudes dropped to $88.42 per barrel from $88.60 per barrel yesterday.

Also, the price of crude from the Organization of Petroleum Exporting Countries, OPEC, called the OPEC Basket, including Nigeria’s Bonny Light dropped to $90.28 per barrel from more than $94. Per barrel.

Checks by Vanguard indicated that MRS, NNPC and Ardova increased retail prices to N1,205 from N1,125 per litre yesterday.

Also, Mobil increased its retail price to N1,215 per litre from N1,209 per litre, while BOVAS increased to N1,217 per litre from N1,210 per litre.

12 depots increase prices —Report

Meanwhile, 12 petroleum products depots recorded the highest petrol prices across Lagos, Port Harcourt, Calabar and Warri as of mid-day yesterday, with prices reaching as high as N1,735 per litre.


The latest mid-day price report showed that the highest petrol prices were concentrated in Port Harcourt, where several depots quoted between N1,668 and N1,735 per litre, significantly above prevailing prices in Lagos.

The Prudent Depot in Port Harcourt recorded the highest petrol price at N1,735 per litre, followed by Zamson at N1,730, while Rain Oil and NEPAS quoted N1,730 and N1,732 per litre, respectively.

Other high-priced depots included GulfTreasure at N1,680; Duport N1,668; IbaChem N1,668, Ibeto at N1,668; Integrated N1,670; Menj N1,670; TMDK N1,670; and T.Time N1,668.

The report also showed that petrol prices in Lagos were generally lower, although several major depots increased their prices during the period.

In Lagos, MRS posted the highest current petrol price at N1,207 per litre, rising by N15 from N1,192.

Pinnacle followed at N1,203 per litre, representing a N17 increase from N1,186, while NIPCO also quoted N1,203, up N13 from N1,190.

BONO and Pivot increased their prices to N1,203 per litre from N1,195, while African Terminal and Integrated moved from N1,195 to N1,202 per litre.

Dangote Refinery quoted PMS at N1,200 per litre, although no previous price was provided in the report for comparison.

The Port Harcourt market, however, recorded some price declines in Automotive Gas Oil (AGO), also known as diesel with Pivot reporting the largest drop, from N1,750 to N1,670 per litre.

The price disparity between the coastal markets highlights the continuing variation in depot prices across Nigeria, with logistics, location, supply availability and market conditions influencing the cost of products.

The latest figures also indicate that while petrol prices in Lagos remained largely within the N1,200–N1,207 per litre range, prices in Port Harcourt, particularly at some depots, were more than N500 per litre higher.

The development could have implications for the downstream market, particularly for marketers and retailers sourcing products from higher-priced depots, as depot costs remain a major determinant of pump prices.

Dangote Refinery determines pace of the market

—Experts

An Energy analyst who pleaded to be anonymous, said the global oil market had been very unstable but not necessarily high in recent times to justify high prices of petroleum products.

He said it could be directly linked to the huge capacity and dominance of the Dangote Petroleum Refinery in the domestic market.

The analyst said: “The 700,000 barrels per day capacity refinery is huge and currently controls about 80 per cent of domestic supplies. This explains why the market responds. The actions of the refinery would continue to influence other players in the market.”

However, the domestic market recorded some changes when Dangote Refinery raised petrol price by ₦15/litre amid crude oil decline.

The Refinery raised its gantry price of petrol, by ₦15 per litre, from ₦1,185 to ₦1,200, effective yesterday.

Similarly, an operator with the Major Energies Marketers Association of Nigeria, MEMAN, who pleaded anonymity, said petrol pump prices were expected to decline gradually as marketers continue to recover losses incurred during the period of price volatility.

https://www.vanguardngr.com/2026/08/despite-fall-in-crude-price-petrol-hits-n1212-per-litre/

Yeah, because fall in crude in crude pil prices means fall in the dollar inflow into the country, which means a fall in the value of the naira as a result.

Remember, fuel price is not just a function of crude oil prices, there are other factors in it.

Weakness of the naira is driving up the cost of fuel.

When I shout on this site, as i have for years, that Nigeria needs to develop its industrial capacity so that it can earn more forex, people here call me APC supporter. As if APC is developing NIgeria's industrial capacity!

Nlfpmod, I pray for Nigerians......

OP, those futures market prices in London and New York are far from the harsh realities and only involve some Jews in Jew York and London trading paper inventories of future crude pricing among themselves back and forth.

The real price of crude is determined on the high seas among real oil brokers .

The real spot price of crude is above $100 .

Forget the nonsense pricing coming out of the gamblers den in Jew York and London.

nairalanda1:
Yeah, because fall in crude in crude pil prices means fall in the dollar inflow into the country, which means a fall in the value of the naira as a result.

Remember, fuel price is not just a function of crude oil prices, there are other factors in it.

Weakness of the naira is driving up the cost of fuel.

When I shout on this site, as i have for years, that Nigeria needs to develop its industrial capacity so that it can earn more forex, people here call me APC supporter. As if APC is developing NIgeria's industrial capacity!

He is confusing future prices for spot prices.

Future prices are orders placed in advance from oil drilling and lifting platforms with a 30 day delivery deadline.

That is, you are pricing crude at the point of production/lifting.

Spot prices are more immediate with orders made for crude already lifted and searching for a buyer.

Prior, the future prices and spot prices were not very far apart but with the impasse with the straits of Hormuz with little or no tanker traffic loading from the ME, spot prices have soared higher than crude futures.

A better scenario was when we had subsidy regime in place but hardly any fuel at the filling stations as black marketers were hoarding and diverting the fuel supplied .

So instead of buying from filling station at govt set prices, which you won't be able for reasons above you will patronise black marketers at 3-4 times the cost set .

Trump is the one forcing Oil future prices not to face reality of 30% inventory taken out from global supply and he is also draining the US strategic reserves to make up for the shortfall so that US pump prices don't hit $10 a gallon.

But this isn't possible for most countries in SE Asia and India especially that have to now buy crude from Russian shadow tankers at prices fat higher than crude futures prices.

And note that, no one in Jew York trading crude futures ever takes delivery. It's like trading paper or digital gold . Traders never take delivery and only sell their receipts when the prices are high enough for a profit or they sell when prices are crashing.

It's all smokes and mirrors.

In Kano this morning the pump price is 1,310 naira in the filing stations along Ibrahim Taiwo road and Sharada axis.

Dangote is scamming Nigerians in the cement sector. Dude scammed Nigerians for decades in flour and sugar. Now he is planing to hijack the steel and gas sectors.
This man is the most ruthless capitalist to walk the face of the earth. Dude comes from an imperial culture that treats others as beasts of burden. With the exception of Abacha, no one has dared to stop him. He is so strong willed in his convictions, that what matters to him is his huge profits only.., never cares about the living standards of the people.
I heard he is also planning to enter the power sector. You will get light but you will pay 100k every Weekend!

E lo fokan bale...a ma gbe wale

More shege promax for the suffering citizens of Nigeria. The abracadabra of the fuel subsidy corruption today in Nigeria. What an irony for a nation

Some clowns were referring to exchange rate when I raised query about the scam
I hope they can still use exchange rate to explain it

That shouldnt be a surprise, the cease war period was enough eye opener

Oil scam in Nigeria will not stop anytime soon

A country of particular concern.

owobokiri:
Dangote is scamming Nigerians in the cement s4ctor. Dude scammed Nigerians for decades in flour and sugar. Now he is planing hijacking steel and gas.
This man is the most ruthless capitalist to walk the face of the earth. Dude comes from an imperial culture that treats others as beadts of burden. With the exception of Abacha, no one has dared to stop him. He is ao strong wilkled in his conviction that what matters is his huge profits, and not the living standards of the people.
I heard he is also planning to enter the power sector. You will get light but you will pay 100k evevry Weekend!

So, basically, you are saying that government should set prices for cement, petrol, food, clothes, car spare parts, cars, etc, so that poor people like you can afford it.

Good.

charisma1986:
A country of particular concern.

Prices of things go up in most countries. That is not a sign they are countries of particular concern

Omooba77:
Depot price hits N1,735/Litre in Port Harcourt l12 depots increase prices — Report

Dangote Refinery determines market pace —Experts



https://www.vanguardngr.com/2026/08/despite-fall-in-crude-price-petrol-hits-n1212-per-litre/

Atiku will come and reduce it no panic. This government does not have people at heart

Lol…dangote just dey use us catch cruise

Nigeria case be like, " the more you look the less you see" who can understand Nigeria? the only country that sees development as a crime

FSBoperator:
OP, those futures market prices in London and New York are far from the harsh realities and only involve some Jews in Jew York and London trading paper inventories of future crude pricing among themselves back and forth.

The real price of crude is determined on the high seas among real oil brokers .

The real spot price of crude is above $100 .

Forget the nonsense pricing coming out of the gamblers den in Jew York and London.

There is a high possibility that your principal tilimgbu has reached some evil agreement with Dangote, where the federal government agrees to keep the cost extremely high, and a certain percentage paid back to The Capo of Bourdillion, just to satisfy his endless thirst for corrupt earnings.
Otherwise, how can the federal government agree to hold the whole country down for this fula man to grape
And What sort of convoluted logic is this that you and your data squads are adducing for this crime against humanity?

THE MORE REASON ATIKU SHOULD COME QUICKLY PLEASE !!!!!!

Subsidy Regime MUST BE RETURNED

We are going to create radio jingles in Hausa, Igbo, Yoruba, Fulfulde, Kanuri, Tiv, Nupe, Bini, Berom, gbagyi, Idoma, Eggon, Bole, Margi, Zuru, Tarok, Ijaw, Itsekiri, Isoko, Ebira, Ikwere, Ogba etc

The assignment is simple.... Inform them in indigenous languages that we will return subsidy and manage the system better. Food, fuel, transport, commodities will be cheap again. We will give samples and compare what we have now and what they will have in practical terms.

We will also ask them if the removal has been beneficial to them

WE ARE COMING

owobokiri:
There is a high possibility that your principal tilimgbu has reached some evil agreement with Dangote, where the federal government agrees to keep the cost extremely high, and a certain percentage paid back to the Capo of Bourdillion to satisfyhis endless thirst for corrupt earnings.
Otherwise, how can the federal government agree to hold the whole country down for this fula man to grape
And What sort of convoluted logic is this tgat you and your data squads are adducing for this crime against humanity?

Well, if you had supported subsidy removal in 2012, there would have been other refineries around by now.

But you guys said no, and thus no investor would invest, unless it was someone with a good enough collateral like Dangote.

Also, good to hear that you believe government should set the prices of food, clothes, sugar and fuel.

salbis:
In Kano this morning the pump price is 1,310 naira in the filing stations along Ibrahim Taiwo road and Sharada axis.

Meanwhile, cement has hit 15k per bag. We can't continue like this!

"If Atiku dares brings back subsidy and fuel price comes down to 500 naira, I will not buy!" - APC faithful

femi4:
E lo fokan bale...a ma gbe wale

For how many years sir.

To fuel my car this morning na war because I dey really choked.

I kukuma jum fa okada straight to work.

Should we still continue to 'fi okan bale?

In this country we are deceiving ourselves. The number one enemy of the masses in this country is the government and then some wicked business men

Like queueing is better than these yahoo leaders scamming us.

owobokiri:
Dangote is scamming Nigerians in the cement s4ctor. Dude scammed Nigerians for decades in flour and sugar. Now he is planing hijacking steel and gas.
This man is the most ruthless capitalist to walk the face of the earth. Dude comes from an imperial culture that treats others as beadts of burden. With the exception of Abacha, no one has dared to stop him. He is ao strong wilkled in his conviction that what matters is his huge profits, and not the living standards of the people.
I heard he is also planning to enter the power sector. You will get light but you will pay 100k evevry Weekend!

Why are you complaining about Dangote when he is not the one who promised to crash petrol price below N185 if he fights for power and is allowed to grab and run with it into Aso Rock?

What is the logic for this misplaced wailing aggression?

Abeg face NNPC and its refineries that have been producing fuel since 2015 and exporting since 2024, according to APC balablu propaganda master strategists.

owobokiri:
Dangote is scamming Nigerians in the cement s4ctor. Dude scammed Nigerians for decades in flour and sugar. Now he is planing hijacking steel and gas.
This man is the most ruthless capitalist to walk the face of the earth. Dude comes from an imperial culture that treats others as beadts of burden. With the exception of Abacha, no one has dared to stop him. He is ao strong wilkled in his conviction that what matters is his huge profits, and not the living standards of the people.
I heard he is also planning to enter the power sector. You will get light but you will pay 100k evevry Weekend!

Dangote will ruin this country, I bet my life on this

PresidentAtiku:
THE MORE REASON ATIKU SHOULD COME QUICKLY PLEASE !!!!!!

Subsidy Regime MUST BE RETURNED

So that instead of the debt of 200 trillion, we can now have a debt of 800 trillion naira...

But hey, you can get cheap fuel in return!

chiefolododo:
In this country we are deceiving ourselves. The number one enemy of the masses in this country is the government and then some wicked business men

So, you are saying that government should set the prices of food, clothes, cars, etc, and fuel in this country? Good to know.

nairalanda1:
Yeah, because fall in crude in crude pil prices means fall in the dollar inflow into the country, which means a fall in the value of the naira as a result.

Remember, fuel price is not just a function of crude oil prices, there are other factors in it.

Weakness of the naira is driving up the cost of fuel.

When I shout on this site, as i have for years, that Nigeria needs to develop its industrial capacity so that it can earn more forex, people here call me APC supporter. As if APC is developing NIgeria's industrial capacity!

Market forces will continue to determine the true value of the #.

Govt will not use its fiat to fix the exchange rate which can lead to arbitrage in the money market.

ceejay80s:
Dangote will ruin this country, I bet my life on this

Well, considering that his refinery has created a lot of jobs, direct and indirect, and reduced our forex spending on imports on fuel, as well as helped us become an exporter of refined products, that's a lot of ruining of the country he is doing there.