Petrol depot prices rose across Lagos, Port Harcourt, Warri and Calabar on Friday, with several marketers in Port Harcourt increasing their prices to N1,900 per litre amid fluctuations in international oil prices.
The increases came even as some filling stations in Lagos continued to sell petrol at prices below those charged by independent retailers, highlighting differences in pricing across Nigeria’s downstream petroleum market.
In Port Harcourt, NIPCO increased its Premium Motor Spirit (PMS) price by N170 per litre, from N1,730 to N1,900.
Six other depots — African Terminal, Ascon, Eterna, Gulf Treasure, Ibachem and Ibeto — also raised their petrol prices from N1,750 to N1,900 per litre, representing an increase of N150 each.
Duport and Integrated recorded smaller increases, raising their prices by N56 per litre, from N1,750 to N1,806.
In Lagos, 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 increased their prices from N1,300 to N1,350 per litre, while NIPCO raised its price from N1,326 to N1,350.
In Calabar, Matrix increased its petrol price from N1,315 to N1,370 per litre.
Similarly, in Warri, Keonamex, Matrix, Nepal and Parker raised their prices from N1,315 to N1,360 per litre, while Optima increased its rate from N1,330 to N1,360.
Petrol Pump Prices Differ Across Lagos
At the retail level, NNPC Limited sold petrol at N1,360 per litre at its filling stations in Lagos and surrounding areas.
MRS Oil Nigeria Plc sold the product at N1,338 per litre, while 11 Plc charged N1,338.80.
Independent marketers sold petrol at prices ranging from N1,368 to N1,400 per litre, depending on the location.
Motorists buying from MRS and 11 Plc therefore paid less than customers patronising some independent outlets, where pump prices reached N1,400 per litre.
The differences reflect varying pricing patterns between depots and filling stations, with wholesale prices rising in several locations even as some retailers continued to offer lower rates.
Diesel Prices Rise in Warri, Port Harcourt
The diesel market also recorded increases, particularly in Warri, where Rain Oil and Matrix raised their Automotive Gas Oil (AGO) prices by N180 per litre, from N1,720 to N1,900.
In Port Harcourt, Dangote increased its diesel price from N1,702 to N1,720 per litre, while Masters raised its rate from N1,788 to N1,825.
Sustained increases in diesel prices could further raise operating expenses for manufacturers, transport operators and businesses that depend on diesel-powered generators and vehicles.
International Oil Prices Record Mixed Movements
International oil benchmarks recorded mixed movements on Friday, with Brent crude rising to $104.50 per barrel from $104.28, while West Texas Intermediate (WTI), the United States benchmark, increased to $91.73 from $91.49.
The Organisation of the Petroleum Exporting Countries (OPEC) Basket price also rose to $109.50 per barrel from $108.59.
WTI Midland increased from $92.32 to $92.74 per barrel, while natural gas prices climbed from $3.168 to $3.235.
However, Murban crude fell from $110.49 to $108.50 per barrel.
Among refined products, gasoline declined from $3.316 to $3.293, while heating oil dropped from $4.883 to $4.724. The Indian Basket price, meanwhile, rose from $117.63 to $121.10 per barrel.
The mixed movements suggest that the increases in Nigerian depot prices cannot be attributed solely to changes in crude oil prices. Replacement costs, supply conditions, transportation expenses and individual marketers’ pricing decisions may also influence domestic prices.
Commenting on the developments in an interview with Vanguard, the Chief Executive Officer of Petroleumprice.ng, Olatide Jeremiah, said the domestic downstream market would continue to respond to changes in the international 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,” Jeremiah said.
The latest increases underline the pressure on Nigeria’s downstream petroleum market, with petrol reaching N1,900 per litre at several Port Harcourt depots and diesel hitting the same price level at depots in Warri.
