The loading cost of Premium Motor Spirit (PMS), commonly known as petrol, and other refined petroleum products at Nigerian depots surged on Monday, reflecting an upward adjustment by marketers due to soaring crude oil prices.
Data analysed by our correspondent revealed that depot owners raised prices by an average of ₦43 per litre, marking a 4.74% increase. This adjustment is linked to the rising cost of Brent crude, the global benchmark for oil, which closed at $79.76 per barrel on Sunday.
Major depots nationwide have adjusted their loading costs, prompting concerns about potential increases in pump prices across filling stations. For instance:
Swift Depot raised its price to ₦950 per litre, up from ₦907 last Friday.
Wosbab Depot also increased its cost to ₦950 from ₦909.
Shellplux Depot and Chipet Depot adjusted prices to ₦960, up from ₦908.
Matrix Warri Depot hiked its rate from ₦925 to ₦945.
Marketers sourcing products from the Dangote refinery also increased their resale prices to ₦923 per litre, despite receiving products at ₦899 per litre.
Similarly, Automotive Gas Oil (AGO), commonly known as diesel, saw significant price increases:
Stockgap Depot raised its rate from ₦1,080 to ₦1,150 per litre.
Ibeto Depot increased its cost from ₦1,050 to ₦1,150.
Nipco Depot adjusted its price from ₦1,120 to ₦1,150.
These adjustments highlight an average increase of 7–10% for petrol and 5–10% for diesel, depending on the depot and location.
Industry experts have linked the price hikes to the volatile global crude oil market. Speaking to our correspondent, Olatide Jeremiah, CEO of petroleumprice.ng, explained that the rising Brent crude prices directly influence the cost of refining and importing petroleum products.
“As Brent crude approached $80 per barrel last Friday, selective price increases were observed across Lagos depots. With Monday’s adjustments, further hikes by importers are likely,” Jeremiah noted.
Another marketer, Bayo Adelaja, emphasised the cascading impact on pump prices: “Depot rates have escalated sharply, directly affecting retail prices. Consumers should brace for further fluctuations in the coming weeks,” he warned.
The persistent upward trend in depot rates underscores the need for strategic measures to stabilise the downstream oil sector. Experts and stakeholders are urging the government and industry players to develop policies that mitigate the economic impact on consumers and ensure price stability in the long term.
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