The loading cost of Premium Motor Spirit (PMS) and other refined petroleum products at depots increased on Monday. Marketers raised petrol and diesel prices at depots by N43 or 4.74 per cent due to rising crude oil prices. As of Sunday, the cost of Brent crude oil, the global benchmark, reached $79.76 per barrel.
This development signals an imminent adjustment of pump prices at filling stations nationwide to reflect the higher costs of refined products.
Depot Price Increases
Data obtained on Monday revealed significant price hikes across several depots:
- Swift Depot: Loading price rose to N950 per litre from N907 last Friday.
- Wosbab Depot: Increased price to N950 from N909.
- Sahara Depot: Adjusted its rate to N950 from N910.
- Shellplux Depot: Raised its cost to N960 per litre, up from N908.
- Chipet Depot: Also increased to N960 from N908.
- Nipco Depot: Moved its price by N38, from N912 to N950.
- Matrix Warri Depot: Adjusted costs from N925 to N945 per litre.
Marketers purchasing from the Dangote Refinery have also raised their resale prices. Products obtained at N899 per litre from the refinery are now resold at N923 per litre.
Diesel Price Adjustments
Diesel prices have also experienced significant increases:
- Stockgap Depot: Increased from N1,080 to N1,150 per litre.
- Ibeto Depot: Adjusted price from N1,050 to N1,150 per litre.
- Sahara Depot: Raised rates to N1,150 from N1,045.
- Nipco Depot: Increased its price from N1,120 to N1,150.
- Optima Depot: Approved a N72 increase, adjusting to N1,120 from N1,048.
The average increase in depot prices for PMS stands at approximately 7-10 per cent, while AGO prices have surged by 5-10 per cent, depending on the depot and location.
Expert Reactions
Oil and gas expert Olatide Jeremiah, the Chief Executive Officer of petroleumprice.ng, commented on the situation, stating, “There is a strong possibility of increased fuel prices, particularly for diesel. As of Friday, when Brent crude neared $80, selective price increases were observed in some Lagos depots. On Monday, prices might rise further as importers adjust to the higher cost of crude oil, a critical factor in the refining process.”
Bayo Adelaja, another marketer, remarked, “Depot rates have escalated sharply, directly affecting pump prices. Consumers should expect further fluctuations in the coming weeks.”
Outlook
With depot rates showing no signs of stabilising, the coming weeks may see additional adjustments. This underscores the urgent need for long-term strategies to cushion the impact on consumers and the broader economy.
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