Oil Price Surge Sparks Depot Rate Hikes Across Nigeria

Nigerian diesel marketers have raised depot prices in response to a sharp rebound in global oil prices, which surged 6.48% on Wednesday.

The price increase follows diplomatic tensions between the US and Saudi Arabia, as well as Iran-backed groups in Iraq, leading to fears of supply disruptions from the Gulf.

In Lagos, seven major depots sold diesel at ₦1,650 per litre, while Sigmund Depot in Port Harcourt went slightly higher at ₦1,670 per litre.

This price movement is significant as depot operators had held diesel prices steady just days earlier despite falling global crude benchmarks.