Depot diesel prices cross ₦2000 per litre as global crude rally drives surge
Diesel prices at depots across Nigeria have climbed above the ₦2000 per litre mark, reflecting a fresh wave of increases driven by rising international crude oil prices and tightening supply conditions.
Market checks by Petroleumprice.ng on April 7, 2026, show that several private depots in Lagos, Port Harcourt, and Warri have adjusted Automotive Gas Oil prices upward, with multiple outlets now selling above the ₦2000 threshold.
In Lagos, Nipco depot reviewed its price to ₦2020 per litre, while Obat and Matrix depots quoted ₦2200 per litre. Ibeto depot also sold at ₦2000 per litre, reinforcing the upward trend across major supply points.
Similar pricing trends were observed in Port Harcourt, where Sigmund and Matrix depots also sold at ₦2200 per litre.
Warri depots recorded comparable increases, with Prudent at ₦2000 per litre, while A.Y.M Shafa and Matrix both priced diesel at ₦2200 per litre. In Calabar, supply constraints persisted, with limited availability of the product reported.
The upward movement marks a significant escalation in diesel costs, largely influenced by the continued rally in global crude oil benchmarks. As at 1:30 pm WAT, Brent crude traded at 110.4 dollars per barrel, up by 0.72 percent, while West Texas Intermediate rose to 115.0 dollars per barrel, gaining 2.26 percent. The sustained upward trend in crude prices has increased replacement costs for importers, who are now adjusting depot prices to reflect higher procurement and logistics expenses.
Despite the surge across private depots, ex depot pricing from Dangote Refinery remains relatively lower, currently its gantry price is ₦1750 per litre. However, market indications suggest that upward adjustments may be imminent as cost pressures intensify.
Industry participants note that the increase at depot level is likely to transmit across the downstream value chain, with retail pump prices expected to rise in response. As marketers adjust to higher landing costs, end users may face increased diesel expenses in the coming days.
The latest pricing trend underscores the sensitivity of Nigeria diesel market to global oil dynamics, particularly amid ongoing geopolitical tensions that continue to disrupt supply flows and elevate crude prices.
