Depot prices for Premium Motor Spirit (petrol) and diesel have surged across Nigeria, forcing consumers to brace for possible pump price hikes. The increase, triggered by rising crude oil prices, has pushed petrol loading costs at key depots like Swift, Wosbab, Sahara, Shellplux, and Nipco to between N950 and N960 per litre, up from last week’s rates of N907-N925.
Diesel prices also climbed sharply, with Stockgap and Sahara Depots now selling at N1,150 per litre, compared to N1,080 and N1,045 last week. Other depots, including Ibeto and Nipco, recorded similar hikes, with increases of up to N72 per litre.
Marketers sourcing products from Dangote Refinery are reselling petrol at N923 per litre despite obtaining it at N899. This trend reflects the global crude oil benchmark, Brent crude, which rose to $79.76 per barrel on Sunday.
According to Olatide Jeremiah, CEO of petroleumprice.ng, the increase in depot prices directly ties to crude oil costs, as they heavily influence refining expenses. “With Brent crude nearing $80, depot prices are reacting, and we expect continued fluctuations,” he said.
Another marketer, Bayo Adelaja, highlighted that escalating depot costs are already affecting pump prices and warned of more volatility in the coming weeks.
The average price increase across depots is 7-10% for petrol and 5-10% for diesel, depending on location. With no immediate relief in sight, experts are urging policymakers to develop strategies to mitigate the economic strain on businesses and consumers.
