Lagos, January 4, 2026 — Private fuel depots in Lagos have raised the ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol, to ₦800 per litre, signaling fresh pressure on Nigeria’s downstream petroleum market.
The new price represents a sharp increase from recent rates of about ₦700–₦720 per litre and is already causing concern among fuel marketers and consumers. Industry sources confirm that several major depots are now selling at or near the ₦800 mark.
The hike is being linked to supply concerns within the market, including uncertainty surrounding operations at the Dangote Petroleum Refinery, which plays a key role in domestic petrol supply. Although refinery production is reportedly ongoing, expectations of tighter supply have influenced pricing decisions among depot owners.
Analysts warn that the increase at depots could trigger a rise in retail pump prices, as marketers factor in transportation, logistics, and operational costs. If sustained, pump prices in Lagos and other parts of the country may climb beyond ₦800 per litre in the coming days.
Since the deregulation of the downstream sector, petrol prices in Nigeria have been largely determined by market forces, including refinery output, exchange rates, and distribution costs. The latest development is expected to have ripple effects on transportation fares and household expenses, particularly in major urban centers like Lagos.
