Nigeria’s petrol price hike has intensified at the wholesale level, with several depots in Port Harcourt raising their prices to ₦1,900 per litre amid changing global oil market conditions.
NIPCO increased its Premium Motor Spirit (PMS) price by ₦170, from ₦1,730 to ₦1,900 per litre on Friday. Six other depots also raised their prices by ₦150 to the same level.
However, petrol prices at filling stations remain lower in some locations. In Lagos, pump prices ranged from ₦1,338 to ₦1,400 per litre, depending on the retailer and location.
Petrol Price Hike Hits Port Harcourt Depots
The latest increases affected several petroleum depots across Port Harcourt, Lagos, Warri and Calabar.
African Terminal, Ascon, Eterna, Gulf Treasure, Ibachem and Ibeto raised their petrol prices in Port Harcourt from ₦1,750 to ₦1,900 per litre.
Duport and Integrated also adjusted their rates, moving from ₦1,750 to ₦1,806 per litre.
In Lagos, Masters increased its price from ₦1,303 to ₦1,350 per litre, while Matrix raised its rate from ₦1,330 to ₦1,360.
Sigmund and T.S.L moved their prices from ₦1,300 to ₦1,350 per litre. NIPCO also raised its Lagos price from ₦1,326 to ₦1,350.
In Calabar, Matrix increased its rate from ₦1,315 to ₦1,370 per litre.
Meanwhile, Keonamex, Matrix, Nepal and Parker raised their petrol prices in Warri from ₦1,315 to ₦1,360 per litre. Optima also moved its rate from ₦1,330 to ₦1,360.
Filling Station Prices Differ Across Locations
Despite the increases at depots, retail prices varied among filling stations.
NNPC Limited sold petrol at ₦1,360 per litre at its stations in Lagos and surrounding areas, according to the report.
MRS Oil Nigeria Plc charged ₦1,338 per litre, while 11 Plc sold the product at ₦1,338.80. Some independent marketers charged between ₦1,368 and ₦1,400 per litre.
These differences mean motorists may pay varying amounts depending on where they buy petrol and which marketer supplies them.
The latest petrol price hike at the depot level has not translated into a uniform retail price across the country. Wholesale costs, supply conditions, transportation expenses and individual pricing decisions can all affect what consumers pay.
Diesel Prices Also Rise
Diesel prices recorded fresh increases, adding to concerns about operating costs for businesses that depend on the fuel.
In Warri, Rain Oil and Matrix raised their Automotive Gas Oil (AGO) prices by ₦180 per litre, moving from ₦1,720 to ₦1,900.
In Port Harcourt, Dangote increased its diesel price from ₦1,702 to ₦1,720 per litre. Masters also raised its rate from ₦1,788 to ₦1,825.
Sustained increases could place additional pressure on manufacturers, transport operators and businesses that use diesel for electricity generation and logistics.
Higher fuel costs may also feed into the prices of goods and services if businesses pass on some of their additional expenses to customers.
Global Oil Prices Show Mixed Movements
International crude oil prices recorded modest gains in some markets on Friday.
Brent crude rose from $104.28 to $104.50 per barrel, while West Texas Intermediate (WTI) increased from $91.49 to $91.73.
The OPEC Basket climbed from $108.59 to $109.50 per barrel. WTI Midland also rose from $92.32 to $92.74, while natural gas prices increased from $3.168 to $3.235.
However, not every benchmark moved higher. Murban crude fell from $110.49 to $108.50 per barrel. Gasoline prices declined from $3.316 to $3.293, while heating oil dropped from $4.883 to $4.724.
The mixed performance suggests that daily crude oil movements alone may not explain the domestic price increases. Replacement costs, supply availability, distribution expenses and marketers’ pricing decisions may also influence depot prices.
Speaking to Vanguard, Petroleumprice.ng Chief Executive Officer 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,” Jeremiah said.
With petrol reaching ₦1,900 per litre at several Port Harcourt depots and diesel hitting the same level at some depots in Warri, motorists and businesses will be watching for further changes in wholesale and retail prices.