Petrol depot prices surged to ₦1,900 per litre in Port Harcourt on Friday, despite price reductions at some filling stations in Lagos following the Nigerian National Petroleum Company Limited’s (NNPC) pricing intervention.
NIPCO led the increases in Port Harcourt, raising its Premium Motor Spirit (PMS) price by ₦170 to ₦1,900 per litre from ₦1,730.
Six other depots—African Terminal, Ascon, Eterna, Gulf Treasure, Ibachem and Ibeto—also increased their prices to ₦1,900 per litre from ₦1,750.
Duport and Integrated raised their prices by ₦56 to ₦1,806 per litre from ₦1,750.
The increases occurred alongside gains in international crude oil prices, with Brent crude rising to $104.50 per barrel from $104.28, while the United States benchmark, West Texas Intermediate (WTI), climbed to $91.73 from $91.49.
In Lagos, however, depot prices recorded more modest increases. Masters raised its price to ₦1,350 per litre from ₦1,303, while Matrix increased its price to ₦1,360 from ₦1,330.
Sigmund and T.S.L raised their prices to ₦1,350 per litre from ₦1,300, while NIPCO increased its price to ₦1,350 from ₦1,326.
In Calabar, Matrix raised its petrol price to ₦1,370 per litre from ₦1,315.
Similarly, Keonamex, Matrix, Nepal and Parker increased their prices in Warri to ₦1,360 per litre from ₦1,315, while Optima raised its price to ₦1,360 from ₦1,330.
Pump prices vary across locations
At the retail level, NNPC sold petrol at ₦1,360 per litre at its filling stations in Lagos and surrounding areas.
MRS Oil Nigeria Plc sold the product at ₦1,338 per litre, while 11 Plc charged ₦1,338.80.
Independent marketers sold petrol at prices ranging from ₦1,368 to ₦1,400 per litre, depending on the location.
The variations meant that motorists buying from MRS and 11 Plc paid less than customers patronising some independent filling stations.
The differing prices reflect the uneven trends across the downstream supply chain, as depot prices increased in several locations while some retailers continued selling below the rates charged by independent competitors.
Diesel prices also rise
The diesel market recorded significant increases in Warri, where Rain Oil and Matrix raised their Automotive Gas Oil (AGO) prices by ₦180 to ₦1,900 per litre from ₦1,720.
In Port Harcourt, Dangote increased its diesel price to ₦1,720 per litre from ₦1,702, while Masters raised its price to ₦1,825 from ₦1,788.
The increases could further raise operating costs for manufacturers, transport operators and businesses that depend on diesel for power generation and transportation.
Global oil market records mixed movements
Other international benchmarks also recorded mixed movements. The OPEC Basket rose 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, but Murban crude fell to $108.50 per barrel from $110.49.
Among refined products, gasoline declined to $3.293 from $3.316, while heating oil dropped to $4.724 from $4.883. The Indian Basket, however, rose to $121.10 per barrel from $117.63.
The mixed movements suggest that rising domestic depot prices cannot be attributed solely to crude oil price increases. Product replacement costs, supply conditions, transportation expenses and individual marketers’ pricing decisions may also influence local prices.
Commenting on the development in an interview with newsmen, the Chief Executive Officer of Petroleumprice.ng, Olatide Jeremiah, said the domestic downstream market would continue to respond to developments in the international oil market.
“Despite domestic issues and development in Nigeria, the downstream sector would continue to respond or react to developments at the global oil market,” he said.
With petrol depot prices reaching ₦1,900 per litre in Port Harcourt and diesel hitting the same level in Warri, the latest increases highlight the continuing price pressures in Nigeria’s petroleum market and the gap between wholesale and retail prices.
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