The study aims at investigating chemical speciation, bioavailability and risk assessment of some selected metals in soils around refined petroleum depot using the concentrations of the metals as variables to ascertain the impacts of the activities within the petroleum depot. Surface-soils were got from within the premises of Pipelines and Product Marketing Company, Ibadan, Nigeria, while control samples were got at 200 m away from the study location. Electrical conductivity and pH were measured using a calibrated dual purpose meter, while elemental analysis was done using Atomic absorption spectroscopy analytical technique. The results showed that the soils exhibited low ecological risk; minor enrichment for Mn, moderately severe enrichment for Ni and Co, severe enrichment for Cr and extremely severe enrichment for Pb, Zn and Cd; low contamination factor by Pb, Ni, Mn, Cr, Co, and Fe and moderate contamination by Zn and Cd. Geo - accumulation index results indicated unpolluted with Ni, Mn, Cr, Co, and Fe, unpolluted to moderately polluted with Pb and Zn and moderately to strongly polluted with Cd. Inter-element clustering results indicated chemical affinity and/or similar genetic origin among the elements. Speciation analysis suggested that Fe, Co, Cr, Cd, and Ni occurred in the residual fraction; Pb, and Zn in the carbonate fraction, while Mn have its highest percentage in the Fe-Mn oxides fraction. Percentage mobility and bioavailability showed that most of the metals are immobile and non-bioavailable. Study concluded that the oil-impacted soils were contaminated with most of the metals, but with low ecological risk.