By Kayode Sanni-Arewa
There are indications of an imminent hike in the price of petrol as the loading costs of petrol and diesel at depots increased across Nigeria on Monday.
On Sunday, Brent crude oil, the international benchmark, increased to $79.76 per barrel.
Prominent depots, including Swift, Wosbab, Sahara, and Shellplux, also adjusted their petrol prices to between N950 and N960 per litre, compared to last week’s range of N907 to N912 per litre
Similarly, diesel prices witnessed a steep rise, with depots such as Matrix Warri and NIPCO increasing rates by N72 to N100 per litre.
Stockgap depot increased its loading depot price from N1,080 to N1,150, while Ibeto approved an increase from N1,050 to N1,150 per litre.
According to data from the Major Energies Marketers Association of Nigeria on December 19, 2024, the landing cost of petrol stood at N887.51 per litre; however, the rise in the price of crude oil means the landing cost may go up in the coming days.
In the past weeks, the price of petrol has recorded a reduction.
Last year, Dangote Refinery and Nigerian National Petroleum Company Limited (NNPC Ltd) announced an ex-depot petrol price reduction.
This led to the retail product dropping to between N935 and N965 per litre from N1040 per litre.
Consequently, Nigerians currently buy petrol between N935 and N1,100 per litre nationwide.
A rise in petrol prices is likely to impact directly in the prices of goods and services that are already on the high side.
Daily Trust