Nigeria’s downstream petroleum market slipped into renewed uncertainty on Monday after Dangote Petroleum Refinery raised the ex-depot prices of petrol and diesel to N1,175 and N1,620 per litre respectively, triggering anxiety among fuel marketers and large-volume buyers over the direction of prices in the coming days.
This comes as the National of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Mr.Billy Gillis-Harry, on Monday, warned that petrol price may rise to as high as N2,000 per litre if the war in the Middle East persists.
Already vessels trapped at the Strait of Hormuz, currently controlled by Iranian security forces, are awaiting to be escorted by US navy out of the danger zone as promised by President Donald Trump.
The latest adjustment marks the third upward review by the refinery within a week, intensifying caution across the supply chain as marketers weigh the risks of buying at higher prices in a volatile market.
Industry sources say many distributors are now adopting a wait-and-see approach amid fears that further revisions could follow.
The refinery had earlier last week raised the ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol, to about N1,050 per litre before implementing another increase that pushed the price to N1,175 per litre, while diesel climbed to N1,620 per litre, according to market participants familiar with the development.https://googleads.g.doubleclick.net/pagead/ads?client=ca-pub-6321061981120130&output=html&h=360&adk=1921572776&adf=3142199915&w=360&lmt=1773115080&rafmt=1&armr=3&sem=mc&pwprc=8681291153&ad_type=text_image&format=360×360&url=https%3A%2F%2Fthesun.ng%2Fmarket-slows-as-dangote-hikes-petrol-diesel-to-n1175-n1620%2F&fwr=1&pra=3&rh=280&rw=336&rpe=1&resp_fmts=3&sfro=1&fa=27&uach=WyJBbmRyb2lkIiwiMTAuMC4wIiwiIiwiVEVDTk8gQ0Q2aiIsIjE0My4wLjc0OTkuMTk0IixudWxsLDEsbnVsbCwiIixbWyJHb29nbGUgQ2hyb21lIiwiMTQzLjAuNzQ5OS4xOTQiXSxbIkNocm9taXVtIiwiMTQzLjAuNzQ5OS4xOTQiXSxbIk5vdCBBKEJyYW5kIiwiMjQuMC4wLjAiXV0sMF0.&abgtt=6&dt=1773115080106&bpp=17&bdt=3874&idt=-M&shv=r20260306&mjsv=m202603050101&ptt=9&saldr=aa&abxe=1&cookie=ID%3D053e5c84aaa0789c%3AT%3D1756696593%3ART%3D1773115051%3AS%3DALNI_MblcRSfJUWDUfdwpDMDvvOc3OXK7A&gpic=UID%3D000011451f220307%3AT%3D1756696593%3ART%3D1773115051%3AS%3DALNI_MZ6vzuHeJCuzpzkC6HR0SsaVbNmlA&eo_id_str=ID%3Dce0da42cb3770e15%3AT%3D1772246525%3ART%3D1773115051%3AS%3DAA-AfjZn8DpfBCggYbJzk3VFx9Od&prev_fmts=0x0%2C150x600%2C360x360%2C300x600%2C360x360%2C360x375%2C360x375%2C360x360%2C360x360&nras=4&correlator=5470183607803&frm=20&pv=1&u_tz=60&u_his=50&u_h=800&u_w=360&u_ah=800&u_aw=360&u_cd=24&u_sd=2&dmc=4&adx=0&ady=3737&biw=360&bih=656&scr_x=0&scr_y=0&eid=31096885%2C95378429%2C95381339%2C95381489%2C95383700%2C95372615%2C95384712%2C95373849&oid=2&pvsid=3029759467170204&tmod=1356199515&uas=1&nvt=1&ref=https%3A%2F%2Fthesun.ng%2F&fc=1408&brdim=0%2C0%2C0%2C0%2C360%2C0%2C360%2C656%2C360%2C657&vis=1&rsz=%7C%7Cs%7C&abl=NS&fu=128&bc=31&bz=1&bisch=0&blev=0.53&num_ads=1&ifi=14&uci=a!e&btvi=6&fsb=1&dtd=160
The rapid succession of price hikes has unsettled the market, with marketers warning that the adjustments could ripple through the distribution chain and trigger fresh increases at filling stations across the country.
Analysts say the latest move reflects mounting cost pressures in the global energy market, with refiners grappling with rising crude prices and geopolitical tensions that have pushed up feedstock and operational expenses, factors that are increasingly shaping domestic fuel pricing dynamics.https://googleads.g.doubleclick.net/pagead/ads?client=ca-pub-6321061981120130&output=html&h=360&adk=1921572776&adf=1220666421&w=360&lmt=1773115080&rafmt=1&armr=3&sem=mc&pwprc=8681291153&ad_type=text_image&format=360×360&url=https%3A%2F%2Fthesun.ng%2Fmarket-slows-as-dangote-hikes-petrol-diesel-to-n1175-n1620%2F&fwr=1&pra=3&rh=280&rw=336&rpe=1&resp_fmts=3&sfro=1&fa=27&uach=WyJBbmRyb2lkIiwiMTAuMC4wIiwiIiwiVEVDTk8gQ0Q2aiIsIjE0My4wLjc0OTkuMTk0IixudWxsLDEsbnVsbCwiIixbWyJHb29nbGUgQ2hyb21lIiwiMTQzLjAuNzQ5OS4xOTQiXSxbIkNocm9taXVtIiwiMTQzLjAuNzQ5OS4xOTQiXSxbIk5vdCBBKEJyYW5kIiwiMjQuMC4wLjAiXV0sMF0.&abgtt=6&dt=1773115080106&bpp=15&bdt=3873&idt=15&shv=r20260306&mjsv=m202603050101&ptt=9&saldr=aa&abxe=1&cookie=ID%3D053e5c84aaa0789c%3AT%3D1756696593%3ART%3D1773115051%3AS%3DALNI_MblcRSfJUWDUfdwpDMDvvOc3OXK7A&gpic=UID%3D000011451f220307%3AT%3D1756696593%3ART%3D1773115051%3AS%3DALNI_MZ6vzuHeJCuzpzkC6HR0SsaVbNmlA&eo_id_str=ID%3Dce0da42cb3770e15%3AT%3D1772246525%3ART%3D1773115051%3AS%3DAA-AfjZn8DpfBCggYbJzk3VFx9Od&prev_fmts=0x0%2C150x600%2C360x360%2C300x600%2C360x360%2C360x375%2C360x375%2C360x360%2C360x360%2C360x360&nras=5&correlator=5470183607803&frm=20&pv=1&u_tz=60&u_his=50&u_h=800&u_w=360&u_ah=800&u_aw=360&u_cd=24&u_sd=2&dmc=4&adx=0&ady=4577&biw=360&bih=656&scr_x=0&scr_y=0&eid=31096885%2C95378429%2C95381339%2C95381489%2C95383700%2C95372615%2C95384712%2C95373849&oid=2&pvsid=3029759467170204&tmod=1356199515&uas=1&nvt=1&ref=https%3A%2F%2Fthesun.ng%2F&fc=1408&brdim=0%2C0%2C0%2C0%2C360%2C0%2C360%2C656%2C360%2C657&vis=1&rsz=%7C%7Cs%7C&abl=NS&fu=128&bc=31&bz=1&bisch=0&blev=0.53&num_ads=1&ifi=15&uci=a!f&btvi=7&fsb=1&dtd=170
Some of the marketers who spoke to Daily Sun in separate interviews expressed concern over the future of market, saying the frequent hikes poses a threat to investment.
Checks on Petroleumprice.ng, an online price tracking platform, as at 5.22pm yesterday showed the price adjustment of Dangote ex-depot price at N1,175 per litre.
Other depot operators with cheaper prices include: Include Bulk and Masters Energy at N1,100.
The development has further tightened supply in the market as most filling stations shut in their doors to customers.
The filling stations are adopting cautious buying stance as rapid price adjustments fuel fears of higher pump prices and renewed inflationary pressure.
On Kodesho Street in Ikeja, the MRS filling station was shut against customers, same for the Conoil filling station on Airport road and some others within the metropolis.
Gillis-Harry, added that of the conflict persists, diesel prices could increase to almost N3,000 per litre.
“PMS could rise close to N2,000 per litre while AGO may approach N3,000 per litre if the situation persists,” Gillis-Harry said.
He noted that petroleum product prices in both local and international markets are predicted to rise dramatically in the upcoming days due to the lack of a clear resolution to the conflict.
On March 3, President Donald Trump announced that the United States may deploy naval escorts for oil tankers passing through the Strait of Hormuz if security conditions worsen.
Trump also revealed that he had directed the U.S. International Development Finance Corporation to offer political risk insurance and financial guarantees to protect maritime trade in the Gulf region.
The move signals one of the most forceful measures yet by the U.S. administration to stabilise global energy markets as tensions escalate in the Middle East, threatening one of the world’s most critical oil shipping routes.
The Strait of Hormuz serves as a key artery for global energy supply, with a significant share of the world’s crude oil shipments passing through the narrow waterway each day.
Concerns about the safety of shipping in the region have intensified following fresh military exchanges involving Israel, the United States, and Iran.
Global crude oil prices have surged since Israeli and U.S. forces launched strikes on Iranian targets over the weekend, triggering retaliatory clashes that have disrupted oil tanker movements and heightened fears of supply interruptions in the Middle East.
Energy analysts warn that prolonged instability in the region could tighten global oil supplies further and push fuel prices higher, especially if tanker traffic through the Strait of Hormuz becomes severely constrained.
Credit: The Sun