The cost of loading Premium Motor Spirit (PMS) and diesel at depots across Nigeria surged on Monday, raising concerns about a potential spike in pump prices nationwide. The increase has been linked to the rising global price of crude oil.
According to The PUNCH, oil marketers raised depot prices for petrol and diesel by an average of ₦43 per litre (4.74%) due to the upward trend in Brent crude, the international oil benchmark. As of Sunday, Brent crude reached $79.76 per barrel, further driving up costs.
Depot operators implemented significant price adjustments, with Swift Depot raising its petrol loading price from ₦907 per litre on Friday to ₦950 by Monday. Wosbab Depot followed suit, increasing its price from ₦909 to ₦950 per litre.
Similarly, Sahara Depot and Shellplux Depot set their new rates at ₦950 and ₦960 per litre, up from ₦910 and ₦908, respectively. Other players in the sector, including Nipco Depot and Matrix Warri Depot, also adjusted their prices. Nipco increased its rate to ₦950 from ₦912, while Matrix Warri Depot raised its price to ₦945 from ₦925.
Marketers sourcing fuel from the Dangote Refinery have also adjusted their pricing. After purchasing at ₦899 per litre, they now resell to retailers at ₦923 per litre. Diesel prices have seen similar hikes. Stockgap Depot increased its rate from ₦1,080 to ₦1,150 per litre, while Ibeto Depot raised its price from ₦1,050 to ₦1,150. Sahara Depot moved from ₦1,045 to ₦1,150, with Nipco Depot following at ₦1,150, up from ₦1,120.
Speaking on the situation, oil and gas expert Olatide Jeremiah attributed the rising loading costs to global market dynamics.
“As Brent crude approached $80 per barrel, some depots in Lagos selectively increased prices last week.
By Monday, importers had to adjust further because crude oil prices heavily influence refining costs,” he explained.
Marketers have warned of further price volatility in the coming weeks. “Depot rates are escalating rapidly, and this will directly impact pump prices.
Consumers should brace for fluctuations,” said Bayo Adelaja, an industry expert.
