Fuel: Nigeria’s depot owners hike prices

Nigeria’s petroleum products depot owners have increased premium motor spirit ex-depot prices.

Data from the price template of several depot owners on Thursday showed that ex-depot prices of PMS are up by N25.

Analyses of the petrol price movements at loading depots on Thursday showed that Rainoil Depot increased its price from N835 to N860 per litre, and MEN Depot effected an increase to N860 per litre despite not making sales the previous day.

Also, Pinnacle Depot made a similar price change from N835 to N860 per litre, while Aiteo and Nipco changed their prices to N856 and N860 per litre, respectively, from N835.

The Depot and Petroleum Products Marketers Association of Nigeria has not officially commented on the latest price hike as of the time of filing this report.

Earlier, the President of the Independent Petroleum Marketers Association of Nigeria, Hammed Fashola, confirmed petrol price adjustment in depots.

“On Tuesday we closed with N825 to N826, but on Wednesday afternoon, prices started increasing again to N835 to N836 per litre,” he said while appealing to the Nigerian government to continue the Naira-for-crude deal with Dangote Refinery.

The development comes with a major disruption in Nigeria’s oil downstream sector after Dangote Refinery on Wednesday announced the suspension of its petroleum products sales in Naira.

VAM News recalls that the ex-depot price of Dangote Refinery’s petrol before its latest decision to suspend sales in Naira stood at N815 per litre.

However, there is uncertainty over what will become of Dangote Refinery’s latest pricing template, which will, in return, affect petrol retail prices.

Meanwhile, the retail prices of petrol have remained unchanged as of Friday night.

It stood between N860 and N950 per litre across filling stations in Lagos and Abuja.