Oil Marketers have announced a major increase in Petrol Price.
NewsOnline Nigeria reports that the cost of loading Premium Motor Spirit (petrol) and other refined petroleum products at depots rose on Monday, prompting concerns about potential pump price adjustments nationwide.
According to The PUNCH, oil marketers increased depot prices for petrol and diesel by ₦43 or 4.74 per cent, citing rising crude oil prices as the primary driver. Brent crude, the global benchmark, reached $79.76 per barrel on Sunday, contributing to the surge in costs.
Reports on Monday revealed notable increases in petrol prices at several depots. Swift Depot raised its loading price to ₦950 per litre, up from ₦907 last Friday. Similarly, Wosbab Depot adjusted its price to ₦950 from ₦909, while Sahara Depot increased its rate to ₦950 from ₦910. Private depot Shellplux also raised its loading price to ₦960 from ₦908, and Chipet Depot charged ₦960 per litre, compared to ₦908 the previous week.
Other depots followed suit, with Nipco Depot increasing its price by ₦38, from ₦912 to ₦950, and Matrix Warri Depot adjusting its rate to ₦945 per litre, up from ₦925.
Marketers sourcing products from the Dangote Refinery and reselling to retailers have also raised costs. They now charge ₦923 per litre after acquiring products at ₦899 per litre from the refinery.
For diesel, loading costs have similarly risen. Stockgap Depot increased its price from ₦1,080 to ₦1,150, while Ibeto Depot moved from ₦1,050 to ₦1,150 per litre. Sahara Depot adjusted its price to ₦1,150 from ₦1,045, and Nipco Depot raised its rate to ₦1,150 from ₦1,120. Optima Depot implemented a ₦72 increase, setting its price at ₦1,120 per litre, up from ₦1,048.
Overall, depot prices for petrol have risen by an average of 7–10 per cent, while diesel prices have climbed 5–10 per cent, depending on the depot and location.
Reacting to the development, oil and gas expert Olatide Jeremiah noted that rising crude oil prices were driving the increase in loading costs.
“As of Friday, when Brent crude neared $80, prices selectively increased in some depots in Lagos, and on Monday, prices might be jacked up by importers because a large chunk of oil marketers import petroleum products and Brent crude is a major determining factor in the refining process,” he explained.
Depot rates continue to escalate, with marketers like Bayo Adelaja warning of further price volatility.
“Depot rates have escalated sharply, and this is directly affecting pump prices. Consumers should expect further fluctuations in the coming weeks,” Adelaja stated.
