Diesel Prices Surge Nationwide as Dangote Raises Depot Rate, Impacting Market Dynamics

Diesel prices have surged across major depots in Nigeria following Dangote's decision to raise its depot rate to N950 per liter. This increase, from N910, has led to adjustments by other operators like Obat Oil, Rainoil, Prudent Energy, and AYM Shafa.

The hike coincides with a rise in global crude oil costs due to US sanctions on Russian oil companies, impacting import costs and translating to higher depot prices nationwide. The move has intensified pressure on prices in different regions like Lagos, Warri, and Port Harcourt, affecting logistics and manufacturing costs.