There are growing indications that the prices of Automotive Gas Oil (AGO), commonly known as diesel, and Premium Motor Spirit (PMS), also known as petrol, may increase in the local market. This follows a 3.84% rise in the price of Nigeria’s Bonny Light crude, which climbed to $67.50 per barrel from $65 last week in the international market.

Investigations revealed that four major depot operators—First Fortune, Chisco, Chipet, and Master Energy—raised their prices on Monday, with diesel selling for over ₦1,050 per litre and petrol at ₦869 per litre.

First Fortune increased its diesel price from ₦945 to ₦950 per litre, while Chisco raised its rate from ₦1,045 to ₦1,050 per litre. Chipet also adjusted its diesel price to ₦1,050 per litre, up from below ₦1,000. Meanwhile, Master Energy pushed the depot price of petrol from ₦867 to ₦869 per litre.

According to data from Petroleumprice.ng, fluctuations in the international oil market are expected to keep depot prices volatile in the coming weeks. The platform noted that if current trends continue, marketers might have no choice but to revise pump prices upward.

Dr. Billy Gillis-Harry, President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), attributed the development to reduced product imports, which he said is impacting local supply dynamics.

The National Bureau of Statistics (NBS) has also reported ongoing instability in petroleum product pricing over the past few months. According to its April 2025 report, titled Premium Motor Spirit (Petrol) Price Watch, the average pump price of petrol reached ₦1,239.33 in April—an increase of 76.73% compared to ₦701.24 in April 2024.