BREAKING: Oil Marketers Increases Petrol Price

BREAKING: Oil Marketers Increases Petrol Price

The price of Premium Motor Spirit (PMS, or petrol) and other refined petroleum products saw a significant increase at depots on Monday, raising concerns about potential adjustments to pump prices across the country.

According to The PUNCH, oil marketers increased the depot prices for petrol and diesel by ₦43, or 4.74%, due to rising global crude oil prices, with Brent crude reaching $79.76 per barrel on Sunday.

Several depots raised their prices on Monday. Swift Depot increased its petrol price to ₦950 per litre from ₦907 the previous Friday, while Wosbab Depot raised its rate to ₦950 from ₦909, and Sahara Depot increased its price to ₦950 from ₦910. Other depots, such as Shellplux and Chipet, also raised their prices to ₦960 per litre, up from ₦908 and ₦908 respectively. Similarly, Nipco Depot raised its price from ₦912 to ₦950, and Matrix Warri Depot increased its rate to ₦945 per litre from ₦925.

Marketers sourcing products from the Dangote Refinery have also raised their prices. They now charge ₦923 per litre, up from ₦899.

For diesel, prices have similarly increased, with Stockgap Depot raising its price to ₦1,150 per litre from ₦1,080, and Ibeto Depot adjusting its rate to ₦1,150 from ₦1,050. Other depots, including Sahara and Nipco, also raised their prices to ₦1,150 per litre.

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Depot prices for petrol have increased by an average of 7–10%, while diesel prices have climbed 5–10%, depending on the location.

Oil and gas expert Olatide Jeremiah pointed out that the rise in crude oil prices was the main driver of the increases. He explained that with Brent crude approaching $80 per barrel, importers were adjusting their prices in response, as crude oil prices significantly impact the cost of refining petroleum products.

Marketers, such as Bayo Adelaja, warned that the escalation in depot rates would likely lead to further fluctuations in pump prices, urging consumers to prepare for potential price volatility in the coming weeks.

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