Petrol depot prices have surged to N1,900 per litre in Port Harcourt, while prices also climbed in Lagos, Warri and Calabar, highlighting fresh pressure on Nigeria’s downstream petroleum market despite lower pump prices at some filling stations.
The latest increases were recorded on Friday, with several depots in Port Harcourt raising their Premium Motor Spirit (PMS) prices by as much as N170 per litre. 
NIPCO led the increases, raising its petrol price by N170 to N1,900 per litre from N1,730. Six other depots also increased their prices by N150 to the same level.
African Terminal, Ascon, Eterna, Gulf Treasure, Ibachem and Ibeto raised their prices from N1,750 to N1,900 per litre.
Duport and Integrated, however, increased their prices by N56 to N1,806 per litre from N1,750.
The increases came amid movements in the international oil market, where Brent crude rose to $104.50 per barrel from $104.28, while the United States benchmark, West Texas Intermediate (WTI), climbed to $91.73 from $91.49.
Petrol Prices Rise Across Major Cities
In Lagos, depot prices also recorded increases, although they remained below the levels reported in Port Harcourt.
Masters raised its petrol price to N1,350 per litre from N1,303, while Matrix increased its price to N1,360 from N1,330.
Sigmund and T.S.L raised their prices to N1,350 per litre from N1,300, while NIPCO increased its price to N1,350 from N1,326.
In Calabar, Matrix raised its petrol price to N1,370 per litre from N1,315.
Warri also recorded increases, with Keonamex, Matrix, Nepal and Parker raising their prices to N1,360 per litre from N1,315. Optima increased its price to N1,360 from N1,330.
The latest adjustments point to varying pricing trends across the country’s major fuel supply hubs, with Port Harcourt recording the highest depot prices among the locations covered.
NNPC Sells Petrol at N1,360 in Lagos
At the retail end, 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 sold at N1,338.80.
Independent marketers charged between N1,368 and N1,400 per litre, depending on location.
The figures show that motorists buying from MRS and 11 Plc paid less than those patronising some independent marketers.
However, the lower prices at selected filling stations have not prevented depot prices from rising in several locations, underscoring the differences between wholesale and retail pricing.
Diesel Prices Also Hit N1,900 Per Litre
The diesel market recorded similar increases, adding to concerns over operating costs for businesses that depend heavily on the product for transportation and power generation.
In Warri, Rain Oil and Matrix raised their Automotive Gas Oil (AGO) prices by N180 per litre to N1,900 from N1,720.
In Port Harcourt, Dangote increased its diesel price to N1,720 per litre from N1,702, while Masters raised its price to N1,825 from N1,788.
Sustained increases in diesel prices could further raise production, logistics and transportation costs for manufacturers, transport operators and other businesses, potentially adding to inflationary pressures.
Global Oil Prices Record Mixed Movements
Other international energy benchmarks recorded mixed movements during the period.
The OPEC Basket rose to $109.50 per barrel from $108.59, while WTI Midland increased to $92.74 from $92.32.
Natural gas prices climbed to $3.235 from $3.168, while Murban crude declined to $108.50 per barrel from $110.49.
Among refined products, gasoline prices fell to $3.293 from $3.316, while heating oil dropped to $4.724 from $4.883.
The Indian Basket, however, increased to $121.10 per barrel from $117.63.
The mixed performance suggests that domestic depot price increases cannot be attributed solely to movements in crude oil prices. Supply conditions, product replacement costs, transportation expenses and individual marketers’ pricing decisions may also influence local prices.
Source: Vanguard
