The cost of loading Premium Motor Spirit (petrol) and other refined petroleum products at depots saw a sharp surge on Monday, raising widespread concerns about imminent pump price increases across Nigeria. This development has placed additional financial strain on consumers already grappling with rising fuel costs.
According to a detailed report by The PUNCH, oil marketers increased depot prices for petrol and diesel by ₦43 (4.74%), attributing the hike to rising global crude oil prices. Brent crude, which serves as the global benchmark, experienced a notable increase, climbing to $79.76 per barrel on Sunday. This uptick in global oil prices has directly contributed to the escalation of depot rates, leaving industry experts and consumers anticipating higher pump prices in the coming weeks.
Several depots across the country made significant adjustments to their loading prices. For instance, Swift Depot raised its petrol price to ₦950 per litre, up from ₦907 last Friday. Wosbab Depot followed suit, increasing its rate to ₦950 from ₦909. Similarly, Sahara Depot and Shellplux Depot adjusted their prices to ₦950 and ₦960, respectively, marking an increase from ₦910 and ₦908. Meanwhile, Chipet Depot also raised its loading price to ₦960 per litre, up from ₦908.
Other depots, including Nipco Depot and Matrix Warri Depot, have implemented similar hikes. Nipco Depot’s price surged from ₦912 to ₦950 per litre, while Matrix Warri Depot adjusted its rate to ₦945, a notable increase from ₦925. Marketers who source their products from the Dangote Refinery and resell them to retailers have also increased their prices. They are now charging ₦923 per litre after purchasing the product at ₦899 per litre from the refinery.
Diesel prices have not been spared from these increases. Stockgap Depot raised its price from ₦1,080 to ₦1,150 per litre, while Ibeto Depot moved from ₦1,050 to ₦1,150. Similarly, Sahara Depot adjusted its diesel price to ₦1,150, up from ₦1,045. Nipco Depot also implemented a hike, raising its rate to ₦1,150 from ₦1,120, while Optima Depot made a significant adjustment, increasing its price to ₦1,120 per litre from ₦1,048, representing a ₦72 hike.
Overall, the depot prices for petrol have risen by an average of 7–10%, while diesel prices have climbed by 5–10%, depending on the depot and location. These increases have caused ripple effects throughout the downstream sector of the oil and gas industry, further impacting pump prices nationwide.
Commenting on this development, oil and gas expert Olatide Jeremiah explained that the increase in loading costs was primarily driven by the surge in global crude oil prices. “As of Friday, when Brent crude neared $80, prices selectively increased in some depots in Lagos, and on Monday, prices might be jacked up by importers because a large chunk of oil marketers import petroleum products and Brent crude is a major determining factor in the refining process,” he explained.
Depot rates are expected to continue escalating in the short term, with industry insiders such as Bayo Adelaja warning of further price volatility. “Depot rates have escalated sharply, and this is directly affecting pump prices. Consumers should expect further fluctuations in the coming weeks,” Adelaja stated. This development has left consumers bracing for the financial impact of rising fuel prices as the situation remains fluid and unpredictable.
