Petrol prices have climbed to N1,900 per litre at several depots in Port Harcourt, Rivers State, raising concerns about further increases in fuel costs despite lower pump prices at some filling stations in Lagos.
The latest price adjustments were recorded on Friday across Lagos, Port Harcourt, Warri and Calabar, with several petroleum marketers increasing their depot prices amid fluctuations in the international oil market.
The increases could put additional pressure on motorists and businesses if the higher wholesale prices eventually translate into more expensive petrol at filling stations.
Petrol Prices Surge at Port Harcourt Depots
NIPCO led the latest increases in Port Harcourt after raising its Premium Motor Spirit (PMS) price by N170 per litre, from N1,730 to N1,900.
Six other depots also increased their prices by N150 per litre, bringing their rates to the same N1,900 mark.
The affected depots were African Terminal, Ascon, Eterna, Gulf Treasure, Ibachem and Ibeto, which all raised their petrol prices from N1,750 per litre.
Meanwhile, Duport and Integrated increased their prices from N1,750 to N1,806 per litre, representing a rise of N56.
The developments have raised concerns about the direction of domestic petrol prices, particularly as wholesale costs continue to vary across different parts of the country.
Depot Prices Also Rise in Lagos, Warri and Calabar
Lagos recorded several price adjustments, although depot prices remained below those reported in Port Harcourt.
Masters increased its petrol price from N1,303 to N1,350 per litre, while Matrix raised its rate from N1,330 to N1,360.
Sigmund and T.S.L both increased their prices from N1,300 to N1,350 per litre. NIPCO also raised its Lagos price from N1,326 to N1,350.
In Calabar, Matrix increased its petrol price from N1,315 to N1,370 per litre.
Warri also experienced fresh increases, with Keonamex, Matrix, Nepal and Parker raising their prices from N1,315 to N1,360 per litre. Optima increased its rate from N1,330 to N1,360.
The different price movements across these locations highlight the variations in depot pricing within Nigeria’s downstream petroleum market.
How Much Are Filling Stations Selling Petrol?
Despite the increases at several depots, petrol pump prices remained lower at some filling stations in Lagos and surrounding areas.
The Nigerian National Petroleum Company Limited (NNPC) sold petrol at N1,360 per litre at its filling stations.
MRS Oil Nigeria Plc sold the product at N1,338 per litre, while 11 Plc charged N1,338.80.
Independent marketers, however, sold petrol at prices ranging from N1,368 to N1,400 per litre, depending on the location.
As a result, motorists buying from MRS and 11 Plc paid less than customers patronising some independent filling stations.
The differences between depot and pump prices reflect varying pricing decisions across the supply chain, with some retailers maintaining lower prices even as wholesale costs rise.
Diesel Prices Also Hit N1,900 Per Litre
The latest increases were not limited to petrol, as diesel prices also climbed in some locations.
In Warri, Rain Oil and Matrix increased their Automotive Gas Oil (AGO) prices by N180 per litre, from N1,720 to N1,900.
Port Harcourt also recorded increases, with Dangote raising its diesel price from N1,702 to N1,720 per litre.
Masters increased its price from N1,788 to N1,825 per litre.
The rising cost of diesel could place additional pressure on manufacturers, transport operators and other businesses that depend on the product for electricity generation and transportation.
If the increases persist, businesses may face higher operating expenses, potentially affecting the cost of goods and services.
International Oil Prices Record Mixed Movements
The latest domestic price increases coincided with movements in international crude oil markets.
Brent crude rose from $104.28 to $104.50 per barrel, while the US benchmark, West Texas Intermediate (WTI), increased from $91.49 to $91.73.
The OPEC Basket also climbed from $108.59 to $109.50 per barrel, while WTI Midland rose from $92.32 to $92.74.
Natural gas prices increased from $3.168 to $3.235.
However, not all international benchmarks recorded gains.
Murban crude fell from $110.49 to $108.50 per barrel, while gasoline prices declined from $3.316 to $3.293.
Heating oil also dropped from $4.883 to $4.724, although the Indian Basket rose from $117.63 to $121.10 per barrel.
These mixed movements suggest that the increases in Nigerian depot prices cannot be explained by crude oil prices alone.
Other factors, including replacement costs, fuel availability, transportation expenses and individual marketers’ pricing decisions, can also influence domestic petrol and diesel prices.
Oil Market Developments Continue to Influence Local Prices
Commenting on the situation, Olatide Jeremiah, Chief Executive Officer of Petroleumprice.ng, told Vanguard that developments in the international oil market would continue to influence Nigeria’s downstream petroleum sector.
“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.
His remarks highlight the connection between international energy market movements and domestic fuel pricing.
With petrol reaching N1,900 per litre at several Port Harcourt depots and diesel hitting the same level in Warri, the latest developments underscore the pressures facing Nigeria’s petroleum market.
Although some filling stations continue to sell petrol at lower prices, further depot increases could put additional pressure on retail prices if marketers pass on their higher costs to consumers.
