Marketers have started quoting new prices following an increase in the loading cost of Premium Motor Spirit (petrol) and other refined petroleum products at the depots on Monday.
The prices of petrol and diesel at depots have risen by N43, or 4.74 per cent, driven by escalating crude oil prices. The cost of Brent, the global benchmark for crude oil, reached $79.76 per barrel on Sunday.
This rise in depot prices is anticipated to create a ripple effect, prompting filling stations nationwide to adjust their pump prices accordingly to reflect the increased costs of refined products.
As of Monday, numerous depots have raised their loading prices. Swift Depot upped its loading price to N950 per litre, up from N907 last Friday. Wosbab Depot followed suit, increasing its price to N950 from N909, while Sahara Depot raised its price to N950 from N910.
Other depots, such as Shellplux, Chipet Depot, and Nipco Depot, have also increased their loading costs. Shellplux adjusted its loading costs to N960 from N908. Chipet Depot has set its charge at N960 per litre, a rise from N908 last week. Nipco Depot raised its price by N38 from N912 to N950, while Matrix Warri Depot increased its cost from N925 per litre to N945.
For diesel, several loading depot prices have also surged; Stockgap Depot raised its price from N1,080 to N1,150. Ibeto Depot made a similar move, increasing its price from N1,050 to N1,150 per litre. Sahara Depot now sells its product at N1,150, up from N1,045 last week. Nipco Depot increased its price to N1,150 from N1,120, while Optima Depot approved a N72 increase to N1,120 per litre from N1,048.
The average rise in depot prices for PMS is approximately 7-10 per cent, while AGO prices have surged by 5-10 per cent, depending on the depot and location.
