The People’s Democratic Party (PDP) has rejected the proposed N108 ex-depot price for petrol, maintaining that the appropriate pump price should remain at N70 per litre. This stance follows fresh increases in fuel prices at several depots across Nigeria.
Vanguard confirmed that four major depot owners—First Fortune, Chisco, Chipet, and Master Energy—raised their prices for diesel and petrol on Tuesday. Diesel prices climbed to as high as N1,050 per litre at Chisco and Chipet, while First Fortune pushed its rate up slightly from N945 to N950. Master Energy increased its petrol price from N867 to N869 per litre.
This development aligns with the recent surge in the price of Bonny Light, Nigeria’s benchmark crude, which rose by 3.84%, moving from $65 to $67.50 per barrel on the international market.
Industry tracker Petroleumprice.ng noted that prices are likely to keep fluctuating due to ongoing instability in the global oil market. It warned that local pump prices could rise further if current trends continue.
Dr. Billy Gillis-Harry, National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), pointed to a reduction in imported fuel volumes as one of the contributing factors. He noted that market conditions are currently too volatile to maintain stable pricing.
The National Bureau of Statistics (NBS) has also highlighted the upward trend. In its April 2025 report, the bureau recorded an average petrol pump price of N1,239.33, representing a 76.73% increase from N701.24 in April 2024.
These figures suggest ongoing challenges for consumers and fuel marketers, with further price hikes looming unless market conditions stabilize.
