Marketers have begun adjusting their prices following an increase in the loading cost of Premium Motor Spirit (PMS or petrol) and other refined petroleum products at depots, which took effect on Monday.
The price of petrol and diesel at depots rose by N43, or 4.74%, due to climbing global crude oil prices. On Sunday, the cost of Brent crude, the global benchmark, reached $79.76 per barrel.
This hike in depot prices is expected to impact petrol prices at filling stations nationwide, leading to higher pump prices in response to the increased costs of refined products.
Several depots have raised their prices as of Monday. Swift Depot increased its loading price to N950 per litre, up from N907 last Friday. Wosbab Depot also raised its price to N950, from N909, while Sahara Depot made a similar adjustment to N950 from N910.
Other depots, including Shellplux, Chipet, and Nipco, followed suit with price increases. Shellplux raised its price to N960 from N908, Chipet Depot now charges N960 per litre, up from N908, and Nipco raised its price by N38, from N912 to N950. Matrix Warri Depot also increased its price from N925 to N945 per litre.
For diesel, some depots, such as Stockgap, have raised their prices from N1,080 to N1,150, while Ibeto Depot increased its price from N1,050 to N1,150 per litre. Sahara Depot also raised its price for diesel from N1,045 to N1,150, and Nipco increased its price from N1,120 to N1,150. Optima Depot raised its diesel price by N72, from N1,048 to N1,120 per litre.
The average increase in depot prices for petrol stands at approximately 7-10%, while diesel prices have risen by 5-10%, depending on the depot and location. These price adjustments are linked to the rising global prices of crude oil and are expected to lead to higher pump prices across the country.
