Petrol depot prices in Port Harcourt have climbed to ₦1,900 per litre, while increases have also been recorded in Lagos, Warri and Calabar, raising concerns about the impact of rising fuel costs on Nigerians despite the Federal Government’s 30-day price-relief initiative.
The increases come as the Federal Government seeks to cushion the effects of rising global oil prices by having the Nigerian National Petroleum Company Limited (NNPC) Retail temporarily forgo its profit margin and sell petrol at cost for 30 days.
In Port Harcourt, NIPCO increased its depot price by ₦170, from ₦1,730 to ₦1,900 per litre. African Terminal, Ascon, Eterna, Gulf Treasure, Ibachem and Ibeto also raised their prices from ₦1,750 to ₦1,900 per litre.
Duport and Integrated increased their rates by ₦56 to ₦1,806 per litre.
In Lagos, Masters, Sigmund, T.S.L and NIPCO adjusted their depot prices to ₦1,350 per litre, while Matrix raised its rate to ₦1,360 per litre.
Matrix also increased its price in Calabar to ₦1,370 per litre, while Keonamex, Matrix, Nepal, Parker and Optima raised their rates in Warri to ₦1,360 per litre.
At the retail level, petrol prices remained lower at some filling stations. NNPC sold petrol at ₦1,360 per litre in Lagos and surrounding areas, while MRS Oil and 11 Plc charged ₦1,338 and ₦1,338.80 per litre, respectively.
Independent marketers sold petrol at prices ranging from ₦1,368 to ₦1,400 per litre, depending on the location.
The contrasting prices highlight the difference between depot prices and pump prices, as the government’s temporary relief measure does not automatically guarantee uniform reductions across all filling stations.
The latest increases also coincide with rising international oil prices, with Brent crude reaching $104.50 per barrel and West Texas Intermediate (WTI), the US benchmark, climbing to $91.73 per barrel.
Chief Executive Officer of Petroleumprice.ng, Olatide Jeremiah, said the downstream petroleum market would continue to respond to developments in the global oil market.
The Federal Government’s intervention is intended to ease the burden of rising fuel costs on households and businesses, with public transport operators expected to receive priority under the arrangement.
However, the latest depot price increases could complicate efforts to deliver widespread relief to consumers, particularly if higher wholesale costs translate into further increases at filling stations.
Transport operators, manufacturers and other businesses that depend on fuel for transportation and power generation may also face additional operating expenses. Such increases could push up the cost of transporting goods and providing services, adding to the financial pressure on households.
The government has maintained that the temporary relief measures do not amount to a return to the blanket petrol subsidy removed in 2023.
About the Author
