Brent crude at $98.05 a barrel and West Texas Intermediate at $94.39 on Tuesday pushed gas prices back into focus in Nigeria. The move revived concern that petrol quotes already sitting above N1,266 per litre in Lagos depots could climb again if refinery pricing follows replacement costs.
Tuesday and Brent and WTI
Brent was up $2.05, or 2.11 percent, at 10:15 a.m. West Africa Time on Tuesday, while WTI rose $2.91, or 3.18 percent. Both benchmarks had gained roughly 4 percent over two trading sessions, leaving crude close enough to $100 a barrel to keep Nigerian buyers on edge.
Oladehinde Oladipo Dipo Oladehinde, an energy analyst with experience across Nigeria's energy sector, said the crude rally feeds straight into pricing pressure because suppliers must factor in replacement cost. For depot buyers, that means the next quote is shaped less by old inventory and more by what it will cost to refill tanks after the latest jump in Brent and WTI.
In Lagos
On September 7, petrol in Lagos was quoted at N1,266 per litre at Pinnacle Oil and Gas, N1,267 at MRS Tincan, N1,270 at Ascon and Aiteo, N1,279 at Integrated and Sahara, and N1,280 at NIPCO. Those levels show the market was already pricing in tight supply before the Tuesday rally fully worked through the chain.
Diesel was even higher across several depots. Duport, Integrated, Ibeto, Ibachem, Gulf Treasure and Ascon initially posted automotive gas oil at N1,800 per litre, some quotes later eased to N1,790, and Chipet was between N1,782 and N1,785. Pinnacle quoted diesel at N1,830 per litre, while Aiteo posted N1,800.
Warri and Port Harcourt
Warri showed the sharpest diesel pressure, with A.Y.M. Shafa at N1,935 per litre, Prudent at N1,860, and Rainoil and Zamson at N1,850. Petrol in Warri ranged from N1,280 to N1,300 per litre, while In Port Harcourt petrol was quoted between N1,280 and N1,295 and Bulk Strategic's diesel came in at N1,845.
The complication is that a refinery review is not automatic. The source said the refinery might review prices very soon, but any change would still depend on how higher fuel prices could affect consumers and purchasing power before a move is made. Whether Dangote Refinery revises its gantry price in response to the crude rally is the point buyers will be watching next.
The refinery was also weighing the effect of higher fuel prices on consumers and their purchasing power before making any adjustment, which leaves traders and depot buyers waiting on the first revised quote rather than on the crude move alone.
