Depots Jerk Up Petrol Price

News Update

Petrol loading costs at depots across Nigeria increased on Monday due to higher crude oil prices.

Depots raised prices for petrol and diesel by up to 10%, prompting concerns about potential increases at fuel stations nationwide.

Brent crude oil, the global benchmark, reached $79.76 per barrel on Sunday. By Monday, depots like Swift, Wosbab, Sahara, and Shellplux had raised petrol prices to between N950 and N960 per litre, from previous rates ranging between N907 and N912 last week.

Some depots, including Matrix Warri and Nipco, also raised their diesel prices significantly, with adjustments ranging from N72 to N100 per litre.

Marketers who purchase products from the Dangote refinery and resell to retailers also adjusted prices, with rates increasing from N899 to N923 per litre.

The average increase in petrol depot prices is estimated at 7-10%, while diesel prices rose by 5-10%, depending on the depot.

These adjustments are expected to influence pump prices in the coming weeks.

Experts in the oil and gas sector warned that the ongoing fluctuations in global crude prices and depot rates may continue to impact consumers and the economy.