Petrol Price Increase May Be Imminent as Depot Rates Surge to N1,290/Litre
LAGOS — Nigerians could face another increase in the pump price of petrol as depot prices across key petroleum distribution centres have risen sharply, reaching as much as N1,290 per litre.
The latest depot price movements indicate significant increases in Lagos, Calabar, Port Harcourt and Warri, raising concerns that the higher wholesale costs could soon translate into more expensive petrol at filling stations.
In Calabar, Mainland and Soroman depots increased their prices from N1,203 to N1,290 per litre, representing an N87 rise. Matrix also adjusted its price upward by N86 to N1,290, while Sobaz increased its rate by N80 to N1,285 per litre.
In Lagos, the Dangote Refinery raised its petrol price from N1,200 to N1,266 per litre. Pinnacle also moved from N1,201 to N1,266, while African Terminal and Integrated increased their rates by N67 to N1,268 per litre.
Several independent depots recorded even higher adjustments. Masters increased its price by N75 to N1,285 per litre, while Liquid Bulk, Sigmund and T.S.L moved up by N63 to N1,278 per litre.
The latest increases are coming amid renewed strength in global crude oil prices, with international oil markets reacting to heightened tensions in the Middle East.
The rise in crude prices is significant for Nigeria’s downstream petroleum market because more expensive crude could increase production and replacement costs and place additional pressure on local petrol prices.
Industry observers said rising depot prices, transportation expenses, logistics costs and distribution margins could collectively push retail petrol prices higher in the coming days.
Retail prices are already elevated in some locations. Checks by Vanguard indicated that MRS, which receives direct supplies from the Dangote Refinery, sold petrol at about N1,310 per litre, while some other outlets reportedly charged between N1,350 and N1,400 per litre.
Any further increase in petrol prices could have wider economic consequences, particularly for transportation, delivery services, logistics operators and businesses that depend on petrol and diesel to power generators.
Higher fuel costs could therefore increase operating expenses for businesses and add further pressure to household spending across Nigeria.
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