Petrol depot prices have surged to ₦1,900 per litre in Port Harcourt, raising concerns about further increases in fuel costs despite the Federal Government’s 30-day discount at NNPC Retail filling stations.
Several petroleum marketers raised their prices on Friday, October 9, across Lagos, Port Harcourt, Warri and Calabar, while international crude oil prices also recorded increases in some benchmarks.
According to Vanguard, NIPCO raised its petrol price in Port Harcourt by ₦170 to ₦1,900 per litre from ₦1,730, while six other depots increased their prices to the same level.
African Terminal, Ascon, Eterna, Gulf Treasure, Ibachem and Ibeto also raised their prices in the city to ₦1,900 per litre from ₦1,750.
Depot Prices Rise Across Major Cities
In Lagos, Masters increased its petrol price to ₦1,350 per litre from ₦1,303, while Matrix raised its price to ₦1,360 from ₦1,330.
Sigmund and T.S.L increased their prices to ₦1,350 per litre from ₦1,300, while NIPCO raised its price to ₦1,350 from ₦1,326.
In Calabar, Matrix increased its price to ₦1,370 per litre from ₦1,315.
In Warri, Keonamex, Matrix, Nepal and Parker raised their prices to ₦1,360 per litre from ₦1,315, while Optima increased its price to ₦1,360 from ₦1,330.
The increases came despite the government’s announcement of a temporary discount at NNPC Retail stations, which is intended to provide relief to motorists and prioritise public transport operators.
Pump Prices Still Vary
At the retail level, NNPC sold petrol at ₦1,360 per litre at its filling stations in Lagos and surrounding areas.
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MRS Oil Nigeria Plc sold the product at ₦1,338 per litre, while 11 Plc charged ₦1,338.80. Some independent marketers sold petrol for between ₦1,368 and ₦1,400 per litre, depending on location.
The differences between depot and pump prices highlight the varying pricing decisions across the supply chain, with some retailers maintaining lower prices even as wholesale costs rise.
Diesel Also Reaches ₦1,900 Per Litre
Diesel prices also increased in some locations, with Rain Oil and Matrix raising their prices in Warri by ₦180 to ₦1,900 per litre from ₦1,720.
In Port Harcourt, Dangote increased its diesel price to ₦1,720 per litre from ₦1,702, while Masters raised its price to ₦1,825 from ₦1,788.
The increases could further raise operating costs for manufacturers, transport operators and businesses that depend on diesel for electricity generation and transportation.
Crude Oil Prices Record Mixed Movements
On the international market, Brent crude rose to $104.50 per barrel from $104.28, while the US benchmark, West Texas Intermediate, increased to $91.73 from $91.49.
The OPEC Basket also climbed to $109.50 per barrel from $108.59.
However, some refined petroleum products recorded declines, indicating that the latest domestic depot increases may reflect several factors beyond daily crude oil price movements, including supply conditions, replacement costs, transportation expenses and marketers’ pricing decisions.
Speaking to Vanguard, the Chief Executive Officer of Petroleumprice.ng, Olatide Jeremiah, said the downstream sector would continue to respond to developments in the global oil market.
“Despite domestic issues and development in Nigeria, the downstream sector would continue to respond or react to developments at the global oil market,” he said.
The latest increases highlight the pressure facing Nigeria’s downstream petroleum market and raise questions about how long the government’s temporary discount can provide relief if wholesale prices continue to climb.
