By Gloria Drealomalicha
Petrol depot prices rose across Lagos, Port Harcourt, Warri and Calabar on Friday, raising concerns about a possible further increase in fuel costs, as several depots in Port Harcourt raised their prices to ₦1,900 per litre.
The increases came amid rising international crude oil prices, although petrol remained relatively cheaper at some filling stations in Lagos, highlighting the differences between wholesale and retail prices across the country.
In Port Harcourt, NIPCO recorded one of the sharpest increases, raising its Premium Motor Spirit (PMS) price by ₦170 per litre, from ₦1,730 to ₦1,900.
Six other depots — African Terminal, Ascon, Eterna, Gulf Treasure, Ibachem and Ibeto — also increased their prices from ₦1,750 to ₦1,900 per litre, representing a rise of ₦150 each.
Duport and Integrated raised their prices by ₦56 per litre, from ₦1,750 to ₦1,806.
The increases coincided with a rise in global oil prices, with Brent crude climbing to $104.50 per barrel from $104.28. West Texas Intermediate (WTI), the US benchmark, also edged up to $91.73 per barrel from $91.49.
Petrol prices rise across Lagos, Warri, Calabar
In Lagos, Masters raised its depot price to ₦1,350 per litre from ₦1,303, while Matrix increased its rate from ₦1,330 to ₦1,360.
Sigmund and T.S.L raised their prices from ₦1,300 to ₦1,350 per litre, while NIPCO increased its rate from ₦1,326 to ₦1,350.
In Calabar, Matrix raised its petrol price to ₦1,370 per litre from ₦1,315.
Warri also recorded increases, with Keonamex, Matrix, Nepal and Parker raising their prices from ₦1,315 to ₦1,360 per litre. Optima increased its rate from ₦1,330 to ₦1,360.
Despite the increases at depots, retail prices in Lagos remained lower at some filling stations.
NNPC Limited sold petrol at ₦1,360 per litre at its filling stations in Lagos and surrounding areas, while MRS Oil Nigeria Plc charged ₦1,338 per litre. 11 Plc sold the product at ₦1,338.80.
Independent marketers, however, sold petrol for between ₦1,368 and ₦1,400 per litre, depending on the location.
Motorists buying from MRS and 11 Plc therefore paid less than customers patronising some independent filling stations.
The differences reflect varying pricing decisions across the supply chain, with wholesale prices rising in several locations even as some retailers continued to sell below the rates charged by their competitors.
Diesel prices hit ₦1,900 per litre in Warri
The diesel market also recorded significant increases, particularly in Warri, where Rain Oil and Matrix raised their Automotive Gas Oil (AGO) prices by ₦180 per litre, from ₦1,720 to ₦1,900.
In Port Harcourt, Dangote increased its diesel price from ₦1,702 to ₦1,720 per litre, while Masters raised its rate from ₦1,788 to ₦1,825.
The increases could put additional pressure on manufacturers, transport operators and other businesses that depend on diesel for electricity generation and transportation.
If the higher prices persist, businesses may face increased operating costs, potentially adding to the pressure on the prices of goods and services.
Global oil prices record mixed movements
International oil and energy markets recorded mixed movements, suggesting that the latest increases in Nigerian depot prices may not be explained by crude oil prices alone.
The Organisation of the Petroleum Exporting Countries (OPEC) Basket rose to $109.50 per barrel from $108.59, while WTI Midland increased to $92.74 from $92.32.
Natural gas prices also climbed to $3.235 from $3.168.
However, Murban crude fell to $108.50 per barrel from $110.49. Among refined products, gasoline declined to $3.293 from $3.316, while heating oil dropped to $4.724 from $4.883.
The Indian Basket, meanwhile, increased to $121.10 per barrel from $117.63.
The contrasting movements indicate that other factors, including product replacement costs, supply conditions, transportation expenses and individual marketers’ pricing decisions, may also be influencing domestic fuel prices.
Commenting on the developments in an interview with Vanguard, the Chief Executive Officer of Petroleumprice.ng, Olatide Jeremiah, said the Nigerian downstream petroleum sector would continue to respond to developments in the international oil market.
“Despite domestic issues and development in Nigeria, the downstream sector would continue to respond or react to developments at the global oil market,” Jeremiah said.
With petrol depot prices reaching ₦1,900 per litre in Port Harcourt and diesel hitting the same level in Warri, the latest increases highlight the continuing pressure on Nigeria’s downstream petroleum market and the wide price differences between depots and retail outlets.6
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