Petrol depot prices climbed to ₦1,900 per litre in Port Harcourt on Friday, while diesel reached the same level in Warri, highlighting renewed pressure in Nigeria’s downstream petroleum market despite lower retail prices at some filling stations in Lagos.
NIPCO raised its Premium Motor Spirit (PMS) price in Port Harcourt by ₦170 per litre to ₦1,900 from ₦1,730. Six other depots also increased their prices by ₦150 to the same level.
The increases coincided with gains in international crude oil prices, with Brent crude rising to $104.50 per barrel from $104.28 and US benchmark West Texas Intermediate (WTI) climbing to $91.73 from $91.49.
Depot prices rise across major cities
A review of depot prices showed that African Terminal, Ascon, Eterna, Gulf Treasure, Ibachem and Ibeto raised their petrol prices in Port Harcourt to ₦1,900 per litre from ₦1,750.
Duport and Integrated increased their prices by ₦56 to ₦1,806 per litre from ₦1,750.
In Lagos, Masters raised its petrol price to ₦1,350 per litre from ₦1,303, while Matrix increased its price to ₦1,360 from ₦1,330. Sigmund and T.S.L raised their prices to ₦1,350 from ₦1,300, while NIPCO increased its price to ₦1,350 from ₦1,326.
In Calabar, Matrix raised its price to ₦1,370 per litre from ₦1,315.
In Warri, Keonamex, Matrix, Nepal and Parker increased their prices to ₦1,360 per litre from ₦1,315, while Optima raised its price to ₦1,360 from ₦1,330.
Retail prices remain lower at some filling stations
Despite the wholesale increases, petrol prices varied among retailers in Lagos and surrounding areas.
NNPC Limited sold petrol at ₦1,360 per litre at its filling stations, while MRS Oil Nigeria Plc charged ₦1,338. 11 Plc sold the product at ₦1,338.80 per litre.
Independent marketers charged between ₦1,368 and ₦1,400 per litre, depending on location.
The price differences mean motorists buying from MRS and 11 Plc paid less than customers purchasing from independent stations charging as much as ₦1,400 per litre.
The divergence between depot and pump prices reflects differing pricing decisions across the supply chain. However, whether the latest wholesale increases will translate into further retail price rises remains uncertain.
Diesel prices climb in Warri and Port Harcourt
Diesel prices also increased, adding to potential cost pressures for manufacturers, transport operators and businesses that depend on diesel for electricity generation and logistics.
In Warri, Rain Oil and Matrix raised their Automotive Gas Oil (AGO) prices by ₦180 per litre to ₦1,900 from ₦1,720.
In Port Harcourt, Dangote increased its diesel price to ₦1,720 per litre from ₦1,702, while Masters raised its price to ₦1,825 from ₦1,788.
If sustained, higher diesel prices could increase operating expenses for businesses and contribute to wider cost pressures across transportation, manufacturing and distribution.
Global oil benchmarks record mixed movements
International oil and energy markets recorded mixed price movements.
The OPEC Basket rose to $109.50 per barrel from $108.59, while WTI Midland increased to $92.74 from $92.32. Natural gas prices climbed to $3.235 from $3.168.
However, Murban crude fell to $108.50 per barrel from $110.49. Among refined products, gasoline declined to $3.293 from $3.316, while heating oil dropped to $4.724 from $4.883. The Indian Basket rose to $121.10 per barrel from $117.63.
The mixed performance suggests that domestic depot price increases cannot be explained solely by the day’s movements in crude oil benchmarks. Replacement costs, product availability, transportation expenses and individual marketers’ pricing decisions may also influence local prices.
Olatide Jeremiah, chief executive officer of Petroleumprice.ng, said the Nigerian downstream market remained responsive to international developments.
“Despite domestic issues and development in Nigeria, the downstream sector would continue to respond or react to developments at the global oil market,” Jeremiah said in an interview.
With petrol reaching ₦1,900 per litre at several Port Harcourt depots and diesel hitting the same level in Warri, the latest increases highlight continued price differences between wholesale and retail markets and the potential for further pressure on fuel-dependent businesses.
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