Breaking: Fuel Price Hike Looms As Depot Owners Increase Petrol Price To ₦950 Per litre
Pump price in Nigeria
The Premium Motor Spirit (PMS), also known as petrol would likely cost more as depot owners increased prices by about 4.74 per cent to ₦950 per litre due to the rising crude oil prices.
Recall that the cost of Brent, the global benchmark for crude, reached $79.76 per barrel on Sunday.
This current situation indicates that filling stations nationwide may adjust their pump prices to reflect the higher costs of refined products.
For instance, Nigeria’s Bonny Light to $80 per barrel this week from $73 per barrel last week.
Already, some depots, including Swift Depot have increased their loading prices to ₦950 per litre from ₦907 per litre while Wosbab depot also increased its price to ₦950 per litre from ₦909 per litre.
Similarly, Sahara Depot increased its price to ₦950 per litre from ₦910 per litre while Shellplux, increased its loading price to N960 per litre from ₦908 per litre.
Nipco Depot increased its price by 38 from ₦912 to ₦950, while the Matrix Warri Depot increased its cost from ₦925 per litre to ₦945.
The depot increased its price from ₦1,080 to ₦1,150. Ibeto Depot approved an increase from ₦1,050 to ₦1,150 per litre. Sahara Depot sold its product at ₦1,150 from ₦1,045 last week.
Nipco Depot increased its price to ₦1,150 from ₦1,120, while Optima Depot approved an ₦72 increase to N1,120 per litre from ₦1,048.
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The average increase in depot prices for PMS stands at approximately 7-10 percent, while AGO prices have surged by 5-10 percent, depending on the depot and location.
Reacting in an earlier interview, an oil and gas expert, Olatide Jeremiah, said depots are poised to increase the loading price of refined petroleum products.
Jeremiah, who is the Chief Executive Officer of petroleumprice.ng, said, “It implies that there is a possibility of increased fuel prices, particularly diesel prices.
“As of Friday, when Brent crude neared $80, prices selectively increased in some depots in Lagos, and on Monday, prices might be jacked up by importers because a large chunk of oil marketers import petroleum products and Brent crude is a major determining factor in the refining process.”
Another marketer, Bayo Adelaja said, “Depot rates have escalated sharply, and this is directly affecting pump prices. Consumers should expect further fluctuations in the coming weeks,” he noted