BREAKING: Petrol Prices Jump to N1,900/Litre Despite FG’s N50 Price Cut
Nigerians could face fresh petrol price increases as depot prices rose sharply in several parts of the country on Friday, with the product reaching N1,900 per litre at multiple depots in Port Harcourt.
The development comes days after the Federal Government announced a N50 reduction in petrol prices at NNPC filling stations as part of measures to ease the impact of rising global oil prices on households.
A review of depot prices across Lagos, Port Harcourt, Warri and Calabar showed that several operators adjusted their rates upward, although pump prices at some filling stations in Lagos remained below those charged by independent marketers.
In Port Harcourt, NIPCO raised its petrol price from N1,730 to N1,900 per litre, an increase of N170.
African Terminal, Ascon, Eterna, Gulf Treasure, Ibachem and Ibeto also increased their prices by N150, moving from N1,750 to N1,900 per litre.
Duport and Integrated recorded smaller increases, raising their prices from N1,750 to N1,806 per litre.
The upward adjustments extended to other parts of the country.
In Lagos, Masters increased its price from N1,303 to N1,350 per litre, while Matrix moved from N1,330 to N1,360.
Sigmund and T.S.L raised their prices from N1,300 to N1,350, while NIPCO adjusted its rate from N1,326 to N1,350 per litre.
Matrix increased its price in Calabar from N1,315 to N1,370 per litre.
In Warri, Keonamex, Matrix, Nepal and Parker raised their prices from N1,315 to N1,360, while Optima increased its rate from N1,330 to N1,360 per litre.
NNPC, MRS Sell Below Independent Marketers
At the retail level, petrol prices varied across filling stations in Lagos and surrounding areas.
NNPC Limited sold petrol at N1,360 per litre, while MRS Oil Nigeria Plc charged N1,338. 11 Plc sold the product at N1,338.80 per litre.
Independent marketers, however, sold petrol at prices ranging from N1,368 to N1,400 per litre, depending on the location.
The price differences suggest that motorists could pay more or less depending on the filling station they patronise, despite the Federal Government’s recently announced relief measure.
Global Oil Market Adds to Price Concerns
International oil prices recorded slight increases in some benchmarks on Friday.
Brent crude rose to $104.50 per barrel from $104.28, while West Texas Intermediate increased to $91.73 from $91.49.
The OPEC Basket climbed from $108.59 to $109.50 per barrel, while WTI Midland increased from $92.32 to $92.74.
Natural gas prices also rose to $3.235 from $3.168, while the Indian Basket increased to $121.10 per barrel from $117.63.
However, not all benchmarks moved upward. Murban crude dropped from $110.49 to $108.50 per barrel, while gasoline declined from $3.316 to $3.293. Heating oil also fell from $4.883 to $4.724.
The varying movements indicate that domestic petrol prices may be influenced by several factors beyond daily changes in crude oil prices, including supply costs, transportation expenses and market conditions.
Diesel Prices Rise as Businesses Face Higher Costs
Diesel prices also increased in some locations, adding to concerns about operating costs for businesses.
In Warri, Rain Oil and Matrix raised their diesel prices from N1,720 to N1,900 per litre, an increase of N180.
Dangote increased its diesel price in Port Harcourt from N1,702 to N1,720 per litre, while Masters moved from N1,788 to N1,825.
Further increases could put additional pressure on manufacturers, transport operators and other businesses that rely on diesel for power generation and transportation.
Commenting on the situation in an interview with Vanguard, Olatide Jeremiah, Chief Executive Officer of Petroleumprice.ng, said the domestic downstream sector would continue to react to developments in the international oil market.
“Despite domestic issues and development in Nigeria, the downstream sector would continue to respond or react to developments at the global oil market,” he said.
With petrol reaching N1,900 per litre at several Port Harcourt depots and diesel recording the same price in Warri, the latest developments underscore the challenges facing Nigeria’s petroleum market and the uncertainty surrounding future pump prices.
