Nigerian motorists and consumers face another round of petrol price increases as the ex-depot price of Premium Motor Spirit (PMS) has crossed N1,300 per litre, according to data from PetroleumpriceNG. The latest adjustment comes less than a week after depot owners raised prices, adding fresh pressure to the already elevated cost of petrol across the country.
Data from PetroleumpriceNG showed that several depots have adjusted their petrol prices to between N1,300 and N1,310 per litre, up from the previous range of N1,265 to N1,275 per litre. Matrix Warri, Calabar, and Optima depots reportedly increased their prices to N1,300, N1,310, and N1,305 per litre, respectively. These adjustments represent increases of between N25 and N35 per litre, further widening the pressure on filling stations and consumers.
Dangote Price Increase Triggers Fresh Adjustments
The latest depot price movement follows an earlier increase by several depot owners after Dangote Refinery raised its gantry price to N1,265 per litre. Following that adjustment, most depot operators reportedly moved their prices into the N1,265-N1,275 per litre range. The new increases suggest that marketers are facing rising supply costs and are passing some of the additional burden down the distribution chain.
For motorists, the development could quickly translate into higher pump prices if filling stations adjust their retail rates to reflect the latest depot costs. The impact is already visible at the retail level, with petrol reportedly selling between N1,310 and N1,350 per litre at several filling stations in Abuja at the time of reporting.
Retail Prices Already Rising in Abuja
A further increase in depot prices could therefore push pump prices even higher, particularly in locations where transportation, logistics, and other distribution costs add to the final cost of petrol. The development is likely to raise concerns among households and businesses already battling high transportation and operating expenses.
The Independent Petroleum Marketers Association of Nigeria (IPMAN) and the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) have called for government intervention over the latest petrol price increases. The groups have previously argued that addressing supply and distribution challenges is critical to reducing the pressure on petrol prices.
Crude Oil Nears $100, Adding Pressure
The latest development also comes against the backdrop of rising international crude oil prices, with crude approaching the $100-per-barrel mark. Higher global crude prices can increase the cost of refined petroleum products and put additional pressure on domestic fuel prices, particularly where market conditions allow such changes to filter through the supply chain.
For Nigerian consumers, the immediate concern is whether the latest depot increases will trigger another round of pump price adjustments. If filling stations respond to the higher ex-depot rates, motorists may soon face another increase in the cost of fuelling their vehicles, with possible knock-on effects on transport fares, food prices, and the wider cost of doing business.
Legit.ng earlier reported that Nigerian motorists may be in line for temporary relief as the landing cost of imported petrol has fallen below the current ex-gantry price of Dangote Refinery. The development comes as improved naira stability helps ease the cost of bringing refined petroleum products into Nigeria, although rising international crude oil prices could put fresh pressure on petrol prices in the coming days.
