The cost of loading Premium Motor Spirit (petrol) and other refined petroleum products at depots surged on Monday, raising concerns about potential pump price increases across the country.
According to The PUNCH, oil marketers increased depot prices for petrol and diesel by ₦43 (4.74%), attributing the hike to rising global crude oil prices.
Brent crude, the global benchmark, climbed to $79.76 per barrel on Sunday, contributing to the cost escalation.
Depot prices for petrol saw significant adjustments on Monday. Swift Depot raised its loading price to ₦950 per litre, up from ₦907 last Friday, while Wosbab Depot increased its rate to ₦950 from ₦909.
Sahara Depot and Shellplux Depot also adjusted their prices to ₦950 and ₦960, respectively, up from ₦910 and ₦908. Chipet Depot similarly raised its loading price to ₦960 from ₦908.
Other depots, including Nipco Depot and Matrix Warri Depot, also implemented increases. Nipco’s price rose from ₦912 to ₦950 per litre, while Matrix Warri Depot adjusted its rate to ₦945 from ₦925.
Marketers sourcing products from the Dangote Refinery and reselling to retailers have also raised their costs, charging ₦923 per litre after purchasing at ₦899 per litre from the refinery.
Diesel prices experienced similar increases. Stockgap Depot raised its price from ₦1,080 to ₦1,150, while Ibeto Depot moved from ₦1,050 to ₦1,150. Sahara Depot adjusted its price to ₦1,150 from ₦1,045, and Nipco Depot increased its rate to ₦1,150 from ₦1,120. Optima Depot implemented a ₦72 hike, setting its price at ₦1,120 per litre, up from ₦1,048.
Overall, depot prices for petrol have risen by an average of 7–10%, while diesel prices have climbed by 5–10%, depending on the depot and location.
Commenting on the situation, oil and gas expert Olatide Jeremiah explained that the increase in loading costs was primarily driven by the rise in global crude oil prices.