Petrol depot prices in Nigeria are showing significant variations across different locations, with the latest market report indicating that Premium Motor Spirit (PMS) sold for between N1,350 and N1,390 per litre at the listed depots. The report, covering depots in Lagos, Warri, Port Harcourt, and Calabar, revealed that prices differed depending on the depot, with Bulk Strategic recording the highest price among all listed depots.
Lagos Depot Prices Show Narrow Range
Data from Petroleumprice.ng showed that on Monday, September 14, in Lagos, Bulk Strategic recorded the highest PMS price among the listed depots at N1,390 per litre. Northwest quoted N1,355 per litre, while several other depots maintained prices around N1,350 per litre. Liquid Bulk, Masters, Sigmund, Stockgap, T.S.L, Mainland, and Soroman all listed PMS at N1,350 per litre.
Other major depots recorded slightly higher prices. MRS sold at N1,357 per litre, while Dangote, Pinnacle, Sahara, and Techno Oil quoted N1,352 per litre. A.A Rano listed PMS at N1,351 per litre, while African Terminal, Aiteo, Ascon, Bono, and Integrated quoted N1,350 per litre. The figures show a relatively narrow price difference among most of the Lagos depots covered in the report.
Warri, Port Harcourt, and Calabar Prices
The report also covered depots in Warri, Port Harcourt, and Calabar, where PMS prices were generally higher than the N1,350 level recorded by several Lagos depots. Keonamex and Matrix quoted N1,360 per litre, the highest price among the depots listed for those locations. Nepal, Optima, and Prudent recorded N1,355 per litre, while Parker quoted N1,350 per litre.
The report therefore shows a difference of N40 per litre between the lowest listed PMS price of N1,350 and the highest of N1,390. This price gap highlights the variability in depot pricing across the country, which can be influenced by factors such as location, logistics, and operational costs.
What Depot Prices Mean for Motorists
Depot prices are an important part of the petrol supply chain because they influence the cost at which marketers obtain products before transporting them to filling stations and selling to motorists. However, the depot price does not necessarily represent the final pump price paid by consumers. Costs including transportation, logistics, operating expenses, and other charges can affect the price of petrol at filling stations.
Earlier, Legit.ng reported that petrol prices across Nigeria have climbed sharply after Dangote Petroleum Refinery raised its wholesale gantry price from N1,265 to N1,350 per litre, pushing pump prices at major filling stations to new highs in Lagos, Abuja, and Ogun State. The N85 increase, which amounts to a 6.7% rise, has taken the refinery's wholesale price above Nigeria's current petrol landing cost of about N1,311 per litre. In Lagos, the Nigerian National Petroleum Company Limited (NNPCL) has set its pump price at N1,380 per litre from N1,299.
These developments indicate that the cost of petrol at the pump is likely to remain elevated, as depot prices and refinery wholesale prices continue to influence the final prices paid by consumers across Nigeria.
