There are indications that domestic petroleum product prices could rise further as petrol depot prices surged across Lagos, Port Harcourt, Warri and Calabar on Friday, with several marketers in Port Harcourt raising their prices to N1,900 per litre, despite lower pump prices at some filling stations in Lagos.
NIPCO led the increases in Port Harcourt, raising its Premium Motor Spirit, PMS, price by N170 per litre to N1,900 from N1,730, while six other depots increased their prices by N150 to the same level.
The developments coincided with an increase in international crude oil prices, as Brent crude climbed to $104.50 per barrel from $104.28, while the US benchmark, West Texas Intermediate, WTI, rose to $91.73 from $91.49.
A review of depot prices showed that African Terminal, Ascon, Eterna, Gulf Treasure, Ibachem and Ibeto raised their petrol prices in Port Harcourt to N1,900 per litre from N1,750 each.
Duport and Integrated, however, increased their prices to N1,806 per litre from N1,750, representing an increase of N56 per litre.
Source… Vanguard