Petrol depot prices surged across Lagos, Port Harcourt, Warri, and Calabar on Friday, October 9, pushing the product closer to the N2,000 per litre mark despite the Nigerian National Petroleum Corporation (NNPC) offering a discounted rate at its outlets. Several depots in Port Harcourt raised their petrol price to N1,900 per litre, while NNPC sold at N1,360 per litre in Lagos, according to Legit.ng.
The increases coincided with a slight rise in international crude oil prices, although movements in the global market remained mixed. Diesel prices also climbed to N1,900 per litre in Warri, raising concerns about higher operating costs for businesses and possible further fuel price increases.
Petrol prices surge across major Nigerian cities
NIPCO recorded one of the biggest increases in Port Harcourt, raising its petrol price by N170 per litre to N1,900 from N1,730. African Terminal, Ascon, Eterna, Gulf Treasure, Ibachem, and Ibeto also increased their prices to N1,900 per litre from N1,750, representing an increase of N150. Duport and Integrated adjusted their prices by N56 each, selling petrol at N1,806 per litre compared with N1,750 previously.
In Lagos, Masters raised its price to N1,350 per litre from N1,303, while Matrix increased its rate to N1,360 from N1,330. Sigmund and T.S.L moved their prices to N1,350 per litre from N1,300, while NIPCO raised its rate to N1,350 from N1,326. In Calabar, Matrix increased its petrol price to N1,370 per litre from N1,315.
Depot prices also climbed in Warri, where Keonamex, Matrix, Nepal, and Parker raised their rates to N1,360 per litre from N1,315. Optima increased its price to N1,360 from N1,330.
How much filling stations are selling petrol
Despite the increases at several depots, retail prices remained comparatively lower at some filling stations in Lagos and surrounding areas. NNPC Limited sold petrol at N1,360 per litre at its outlets, while MRS Oil Nigeria Plc charged N1,338 per litre. 11 Plc sold the product at N1,338.80 per litre, while independent marketers charged between N1,368 and N1,400, depending on their locations.
This means motorists buying from MRS and 11 Plc paid less than customers patronising some independent filling stations. The differences between depot and pump prices reflect varying costs and pricing decisions across the downstream petroleum market. Although wholesale prices increased in several locations, retail rates did not move uniformly.
Diesel prices also increased
Diesel prices recorded notable increases in Warri, adding to concerns about rising operating expenses for businesses that depend on the product. 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 rate to N1,825 from N1,788.
The increases in diesel prices are expected to affect transportation and production costs across various sectors, potentially leading to higher prices for goods and services. The development follows a period of relative stability in fuel prices, and the new depot rates may signal further adjustments at the pump in the coming weeks.
