Major petroleum product depots in Nigeria adjusted their landing costs for premium motor spirit and other petroleum products on Monday. This change coincided with a surge in global crude oil prices, particularly Brent crude, which rose above $80 per barrel.
In response to the escalating global oil prices, depot owners in Nigeria announced a price adjustment of at least N40 for petrol. According to a report from Media Talk Africa, Wosbab Depot increased its price from N909 to N950 per litre, while Sahara Depot made a similar adjustment, raising its price from N910 to N950. Additionally, Shellplux, a private depot, raised its loading costs to N960 from N908, and Chipet Depot set its price at N960 per litre, up from N908 last week.
Nipco Depot also increased its price by N38, moving from N912 to N950, while Matrix Warri Depot raised its cost from N925 to N945. Other depots, such as Ibeto Depot, increased their prices from N1,050 to N1,150 per litre, and Sahara Depot adjusted its price from N1,045 to N1,150. Nipco Depot’s price rose to N1,150 from N1,120, and Optima Depot approved a N72 increase, bringing its price to N1,120 from N1,048.
The average increase in depot prices for premium motor spirit (PMS) is approximately 7-10 percent, while prices for automotive gas oil (AGO) have surged by 5-10 percent, depending on the depot and location. Despite these increases in depot prices, Media Talk Africa noted that retail prices for petrol in the Federal Capital Territory, Abuja, remained unchanged on Monday, ranging between N935 and N1,100 per litre across various filling stations.
In recent weeks, petrol prices had seen a notable reduction due to a price war between Dangote Refinery and the Nigerian National Petroleum Company Limited.
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