The price of petrol at depots in Nigeria ticked higher over the weekend as major suppliers adjusted rates in line with movements in the international oil market.

Dangote Petroleum Refinery, Aiteo, and AA Rano increased their ex-depot price of Premium Motor Spirit (PMS) from N821 to N823 per litre after crude oil prices rose to $67 per barrel, up from $65.

Although filling stations have not yet reflected the adjustment, market watchers believe pump prices could shift upward this week if crude remains bullish.

Energy analyst and CEO of Petroleumprice.ng, Olajide Jeremiah, told Vanguard that the repeated tweaks in pricing are a result of global oil volatility and heightened competition among downstream operators. He warned that more adjustments should be expected as the international market remains unsettled.

Retail outlet owners are also closely watching developments. The National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Billy Gillis-Harry, stressed that Nigeria’s fuel market is naturally sensitive to global shifts. He called for the complete privatisation of state-owned refineries, urging government to allow broader industry participation as a lasting solution to price instability.

Meanwhile, the Dangote Refinery is preparing to expand its daily processing capacity from 650,000 barrels to 700,000 barrels, representing a 7.7 percent increase. Industry reports suggest that the refinery’s operations have already reshaped fuel trade flows, reducing Nigeria’s reliance on European imports and redirecting global gasoline volumes.

The Organisation of Petroleum Exporting Countries (OPEC) has also noted that Dangote’s output could place further pressure on Europe’s gasoline market, as Nigeria increasingly satisfies its local demand while exporting to other regions.