Nigerian Depot Owners Maintain High Petrol Prices Despite Drop in Crude Rates

Nigerian depot owners, including prominent figure Aliko Dangote, are continuing to sell petrol at high prices despite a 5% decline in international crude oil rates. Data from February 2, 2026, reveals that petrol and diesel prices remain elevated in Nigeria, with some depot prices experiencing fresh increases.

Key depot operators like NIPCO, Ibeto, Sigmund, Stockgap, and Zamson Danmarna have adjusted their prices, with some showing slight increases week-on-week. The sustained high depot prices are attributed to physical supply constraints and tight product availability, leading to cautious pricing behavior to protect profit margins.

Despite a decrease in global crude oil prices, fuel costs remain high across major trade hubs in Nigeria. The downstream petroleum sector in Nigeria continues to respond to logistical and supply challenges, resulting in elevated fuel prices despite fluctuations in global crude oil benchmarks.