On Monday, the cost of loading Premium Motor Spirit (PMS) and other refined petroleum products at depots increased. Marketers raised prices by N43, or 4.74%, driven by rising crude oil prices.
On Sunday, the price of Brent crude, the global benchmark, hit $79.76 per barrel. This rise suggests that filling stations across the country may soon adjust their pump prices to reflect the higher costs of refined products.
Data collected from depots on Monday showed price hikes in various locations. Swift Depot raised its price to N950 per litre, up from N907 on Friday. Wosbab Depot also increased its price to N950 from N909, while Sahara Depot made a similar change, raising its price from N910 to N950 per litre.
Shellplux, a private depot, saw a more significant rise, increasing its loading cost to N960 from N908. Chipet Depot also increased its price to N960 per litre, up from N908 last week. Nipco Depot raised its price by N38, from N912 to N950, and Matrix Warri Depot adjusted its price from N925 to N945 per litre.
Marketers who sourced products from the Dangote refinery also raised their prices, with costs reaching N923 per litre, even though they had obtained the products at N899 per litre from the refinery.
For diesel, several depots also raised their prices. Stockgap Depot increased its price from N1,080 to N1,150 per litre, while Ibeto Depot raised its price from N1,050 to N1,150. Sahara Depot followed suit, increasing its price from N1,045 to N1,150. Nipco Depot raised its price from N1,120 to N1,150, and Optima Depot approved a N72 increase, bringing the price to N1,120 from N1,048.
The average increase in petrol prices at depots ranged from 7% to 10%, while diesel prices saw an increase of 5% to 10%, depending on the depot and location.
Oil and gas expert Olatide Jeremiah, CEO of petroleumprice.ng, explained that the price increases were expected due to the rise in crude oil costs. He stated, “This means there’s a possibility of higher fuel prices, especially for diesel. As of Friday, when Brent crude neared $80, some depots in Lagos raised prices. By Monday, importers were likely to raise their prices further, as many oil marketers depend on imports and Brent crude heavily influences the refining process.”
Another marketer, Bayo Adelaja, commented on the sharp increase in depot prices, noting, “Depot rates have escalated, and this is directly impacting pump prices. Consumers should expect further fluctuations in the coming weeks.”
With depot prices showing no signs of stabilizing, consumers can expect further price adjustments, highlighting the need for long-term strategies to mitigate the impact on both the economy and consumers.
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