Nigerians may soon face another increase in petrol prices as depot rates across major petroleum hubs have climbed to as high as N1,290 per litre amid a renewed surge in international crude oil prices.
The development could further increase the financial pressure on households and businesses, with petroleum marketers expected to review pump prices if the rise in depot costs continues.
The latest mid-day depot price report showed significant increases across Lagos, Calabar, Port Harcourt and Warri.
In Calabar, petrol prices rose to N1,290 per litre at Mainland and Soroman depots, representing an N87 increase from N1,203. Matrix also increased its price by N86 to N1,290, while Sobaz raised its price by N80 to N1,285.
In Lagos, Dangote Refinery increased its petrol price by N66 per litre, from N1,200 to N1,266. Pinnacle also moved from N1,201 to N1,266, while African Terminal and Integrated increased their prices by N67 to N1,268.
Some independent depots recorded even higher increases. Masters raised its price by N75 to N1,285, while Liquid Bulk, Sigmund and T.S.L increased their prices by N63 to N1,278.
The latest increases come as international oil prices have risen sharply amid renewed tensions in the Middle East.
Brent crude futures settled at about $90.49 per barrel on Tuesday after gaining 2.71 per cent following renewed military exchanges between the United States and Iran.
The development is significant for Nigeria because higher international crude prices could increase the replacement cost of imported petrol and influence pricing decisions by domestic refiners and marketers.
Industry watchers said the combination of higher crude prices, rising depot costs, logistics expenses and distribution margins could place additional pressure on filling-station prices.
The development comes barely days after concerns emerged over the widening gap between international crude prices and domestic petrol depot prices.
Checks by Vanguard showed that MRS, which takes direct delivery from the Dangote Refinery, sold petrol at N1,310 per litre, while many other filling stations sold at prices ranging between N1,350 and N1,400 per litre.
A further increase in retail petrol prices could raise transportation and logistics costs, while businesses that rely on petrol and diesel for power generation may face higher operating expenses.
