By Joy Yesufu
Petrol depot prices surged across parts of the country on Friday, with prices reaching N1,900 per litre in Port Harcourt, Rivers State, even as some filling stations in Lagos continued to sell below the rates charged by independent marketers.
The increases were recorded in Lagos, Port Harcourt, Warri and Calabar, highlighting widening price differences across Nigeria’s downstream petroleum market.
In Port Harcourt, NIPCO raised its Premium Motor Spirit (PMS) price by N170 per litre to N1,900 from N1,730, while six other depots increased their prices by N150 to the same level.
African Terminal, Ascon, Eterna, Gulf Treasure, Ibachem and Ibeto raised their petrol prices to N1,900 per litre from N1,750 each.
Duport and Integrated also increased their prices, although by a smaller margin of N56 per litre, to N1,806 from N1,750.
In Lagos, Masters raised its petrol 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 raised their prices to N1,350 per litre from N1,300, while NIPCO increased its rate to N1,350 from N1,326.
In Calabar, Matrix raised its price to N1,370 per litre from N1,315.
Similarly, in Warri, Keonamex, Matrix, Nepal and Parker increased their petrol prices to N1,360 per litre from N1,315, while Optima raised its rate to N1,360 from N1,330.
At the retail end, NNPC Limited sold petrol at N1,360 per litre at its filling stations in Lagos and surrounding areas.
MRS Oil Nigeria Plc and 11 Plc sold the product at N1,338 and N1,338.80 per litre, respectively, while independent marketers charged between N1,368 and N1,400, depending on location.
The retail prices showed that motorists buying from MRS and 11 Plc paid less than customers patronising some independent filling stations.
The disparity between depot and pump prices also underscored the varying pricing decisions across the supply chain, with wholesale prices rising in some locations while selected retailers maintained lower rates.
The diesel market also recorded notable increases, particularly in Warri, where Rain Oil and Matrix raised their Automotive Gas Oil (AGO) prices by N180 per litre to N1,900 from N1,720 each.
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.
Sustained increases in diesel prices could further raise operating expenses for manufacturers, transport operators and other businesses that depend on the product for electricity generation and transportation.
Global oil market records mixed movements
On the international market, crude oil and refined petroleum benchmarks recorded mixed movements.
Brent crude rose to $104.50 per barrel from $104.28, while the United States benchmark, West Texas Intermediate (WTI), increased to $91.73 from $91.49.
The OPEC Basket also gained, rising to $109.50 per barrel from $108.59, while WTI Midland increased to $92.74 from $92.32.
Natural gas prices climbed to $3.235 from $3.168, while the Indian Basket rose to $121.10 per barrel from $117.63.
However, Murban crude declined to $108.50 per barrel from $110.49. Among refined products, gasoline fell to $3.293 from $3.316, while heating oil dropped to $4.724 from $4.883.
The mixed movements suggest that the domestic depot price increases may not be explained by crude oil prices alone. Product replacement costs, supply conditions, logistics expenses and individual marketers’ pricing decisions may also influence local prices.
The latest increases underline the volatility of Nigeria’s downstream petroleum market, with petrol reaching N1,900 per litre at several Port Harcourt depots and diesel recording the same price at depots in Warri.
