There are strong indications that the pump prices of Automotive Gas Oil (AGO), commonly known as diesel, and Premium Motor Spirit (PMS), also known as petrol, may rise further in Nigeria’s domestic market. This follows a recent uptick in the global price of Nigeria’s Bonny Light crude, which climbed by 3.84 percent to $67.50 per barrel from $65 last week.
A market survey conducted by Vanguard revealed that four major depot owners — First Fortune, Chisco, Chipet, and Master Energy — have increased their prices for diesel and petrol.
First Fortune adjusted the depot price of diesel to N950 per litre from N945, while Chisco raised its rate to N1,050 per litre from N1,045. Chipet also increased its diesel price to N1,050 from below N1,000 previously. Similarly, Master Energy raised the depot price of petrol to N869 per litre from N867.
Industry analysts at Petroleumprice.ng noted that depot prices are expected to remain volatile in the coming weeks due to global market uncertainties. They warned that if current trends persist, oil marketers may have no choice but to hike pump prices.
Dr. Billy Gillis-Harry, National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), said the market is reacting to reduced import volumes. “Currently, I think the volume of imported products has reduced, thus impacting the domestic market in one way or another,” he said.
Data from the National Bureau of Statistics (NBS) also confirms a steady rise in petroleum product prices over recent months. According to its April 2025 report titled ‘Premium Motor Spirit (Petrol) Price Watch’, the average retail price of petrol surged to N1,239.33 in April — a 76.73 percent increase from N701.24 recorded in April 2024.
As global oil market instability continues, consumers should brace for possible fuel price hikes across the country.
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