Petrol depot prices have climbed to ₦1,900 per litre in Port Harcourt, while diesel prices reached the same level in Warri, highlighting fresh pressure on Nigeria’s downstream petroleum market despite lower pump prices at some filling stations in Lagos.
The increases were recorded on Friday across several depots in Lagos, Port Harcourt, Warri and Calabar, according to a market review reported by Vanguard. The development coincided with a rise in international crude oil prices, although movements in the global market varied across different benchmarks and refined products.
In Port Harcourt, NIPCO raised its petrol price by ₦170 per litre, from ₦1,730 to ₦1,900. Six other depots, including African Terminal, Ascon, Eterna, Gulf Treasure, Ibachem and Ibeto, also increased their prices to ₦1,900 from ₦1,750 per litre.
Duport and Integrated recorded smaller increases, raising their petrol prices by ₦56 to ₦1,806 per litre from ₦1,750.
Prices also moved upward in Lagos. Masters increased its petrol price from ₦1,303 to ₦1,350 per litre, while Matrix raised its rate from ₦1,330 to ₦1,360.
Sigmund and T.S.L moved their prices from ₦1,300 to ₦1,350 per litre, while NIPCO increased its rate from ₦1,326 to ₦1,350.
In Calabar, Matrix raised its petrol price from ₦1,315 to ₦1,370 per litre. In Warri, Keonamex, Matrix, Nepal and Parker increased their prices from ₦1,315 to ₦1,360, while Optima moved from ₦1,330 to ₦1,360 per litre.
Despite the higher depot prices, retail rates varied across Lagos and neighbouring areas, with some filling stations selling petrol below the prices charged by independent marketers.
According to the report, NNPC Limited sold petrol at ₦1,360 per litre, while MRS Oil Nigeria Plc charged ₦1,338. Eleven Plc sold at ₦1,338.80 per litre, whereas independent marketers charged between ₦1,368 and ₦1,400, depending on the location.
The differences between wholesale and retail prices show that rising depot costs have not translated into uniform pump prices across the market.
The latest increases also affected diesel, a key fuel for businesses that depend on generators, heavy-duty vehicles and other diesel-powered equipment.
In Warri, Rain Oil and Matrix raised their Automotive Gas Oil prices by ₦180 per litre, from ₦1,720 to ₦1,900 per litre.
Dangote increased its diesel price in Port Harcourt from ₦1,702 to ₦1,720, while Masters raised its rate from ₦1,788 to ₦1,825 per litre.
If sustained, the higher diesel prices could increase operating expenses for manufacturers, transport companies and other businesses, potentially adding to the cost of moving goods and providing services.
On the international market, Brent crude rose to $104.50 per barrel from $104.28, while the US benchmark, West Texas Intermediate, increased to $91.73 from $91.49.
The OPEC Basket also climbed from $108.59 to $109.50 per barrel, while WTI Midland rose from $92.32 to $92.74. Natural gas prices increased from $3.168 to $3.235.
However, not all benchmarks moved higher. Murban crude fell from $110.49 to $108.50 per barrel, while gasoline declined from $3.316 to $3.293 and heating oil dropped from $4.883 to $4.724. The Indian Basket rose from $117.63 to $121.10 per barrel.
The mixed movements suggest that international crude oil prices alone may not fully explain the latest domestic price changes. Other factors, including the cost of replacing fuel stocks, supply conditions, logistics and individual depot operators’ pricing decisions, can also affect wholesale rates.
Speaking to Vanguard, the Chief Executive Officer of Petroleumprice.ng, Olatide Jeremiah, said Nigeria’s downstream petroleum market would continue to respond to developments 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 price increases underline the continuing volatility in Nigeria’s petroleum market, with motorists facing different pump prices depending on their locations and preferred filling stations, while businesses remain exposed to rising diesel costs.
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