Petrol depot prices hit N1,900 per litre in Port Harcourt as diesel prices surge in Warri, despite lower pump prices at some Lagos filling stations.
Fuel Price Hits N1,900 Per Litre as Depot Prices Surge
Petrol depot prices have climbed to N1,900 per litre in Port Harcourt, raising concerns about further increases across Nigeria. The latest hike comes despite lower pump prices at some filling stations in Lagos.
Petrol Depots Increase Prices in Major Cities
NIPCO raised its petrol price in Port Harcourt by N170, from N1,730 to N1,900 per litre. Six other depots, including African Terminal, Ascon, Eterna, Gulf Treasure, Ibachem and Ibeto, also increased prices to N1,900.
Meanwhile, Duport and Integrated raised their prices from N1,750 to N1,806 per litre. In Lagos, Masters increased its price to N1,350, while Matrix raised its price to N1,360.
Similarly, Sigmund, T.S.L. and NIPCO adjusted their Lagos prices to N1,350 per litre. In Calabar, Matrix raised its price to N1,370. Several depots in Warri also increased petrol prices to N1,360 per litre.
NNPC and MRS Sell Petrol at Lower Prices
Despite rising depot prices, some filling stations in Lagos still offer petrol at lower rates. NNPC Limited sells petrol at N1,360 per litre across its stations in Lagos and nearby areas.
MRS Oil Nigeria sells at N1,338 per litre, while 11 Plc charges N1,338.80. However, independent marketers sell petrol for between N1,368 and N1,400, depending on the location.
As a result, motorists can save money by comparing prices before buying petrol. However, further depot price increases could put pressure on pump prices in the coming days.
Diesel Prices Also Hit N1,900 Per Litre
Diesel prices have also surged in parts of Nigeria. In Warri, Rain Oil and Matrix increased their diesel prices by N180, from N1,720 to N1,900 per litre.
In Port Harcourt, Dangote raised its diesel price to N1,720, while Masters increased its price to N1,825 per litre. These increases could raise operating costs for businesses, transport operators and manufacturers that depend on diesel.
Rising Crude Oil Prices Add to Market Pressure
International oil prices also recorded increases on Friday. Brent crude rose to $104.50 per barrel from $104.28, while West Texas Intermediate climbed to $91.73.
However, global oil prices alone do not explain Nigeria’s rising depot prices. Supply conditions, transportation costs and replacement expenses can also influence local prices.
Speaking to Vanguard, Petroleumprice.ng Chief Executive Officer Olatide Jeremiah said:
“Despite domestic issues and development in Nigeria, the downstream sector would continue to respond or react to developments at the global oil market.”
With petrol reaching N1,900 per litre at several depots, motorists and businesses may face further cost pressures if the trend continues.
