Mixed Petrol Prices Hit Private Depots as Marketers Adjust Rates

Petrol prices at private depots across Nigeria recorded mixed movements on Monday, with some marketers increasing prices while others reduced rates. Fresh ex-depot data shows prices ranging from N1,200 per litre to above N1,319, depending on location and company.

Prudent Energy added N45 to its pump price, now selling at N1,285 per litre. AA Rano and Aipec both increased prices by 50 kobo to N1,286 per litre. Bova Oil went up by N14.5 to N1,285 per litre. Mobil Oil Nigeria recorded one of the steepest hikes, adding N75.5 to reach N1,281 per litre. Jenco had the biggest jump, raising its price by N499 to N1,309 per litre.

On the other hand, some depots cut prices. Nipco Plc Apapa dropped by N36 to N1,285 per litre. Pinnacle Oil and Gas reduced by N36 to N1,280 per litre. Masters Energy and Soroman cut by N15 and N25 respectively, selling at N1,305 and N1,300 per litre. Rain Oil and Matrix Energy Warri both dropped by N10 to N1,290 per litre. Dangote Refinery reduced by 50 kobo to N1,283 per litre. Sahara Apapa saw a slight decrease to N1,294 per litre. Other marketers with marginal drops include Liquid Bulk at N1,319, Stockgap at N1,315, Bulk Strategic Terminal at N1,315, Avidor at N1,313, Sobaz Oil and Gas at N1,310, and North West Petroleum and Gas Company at N1,310 per litre.

The current price of petrol has become a burden for Nigerians, increasing transportation costs across the country. Meanwhile, marketers are preparing to receive over 164,000 metric tonnes of imported petroleum products at major ports, despite claims that the Dangote Petroleum Refinery can meet most of the country's fuel demand. The incoming cargoes include 82,000 metric tonnes of diesel and 81,882 metric tonnes of petrol. Four diesel vessels are scheduled for the Kirikiri Lighter Terminal in Lagos. The vessel HUDSON arrived at KLT Phase 2 on May 8 with 25,000 metric tonnes of diesel, while ALINDA berthed at KLT Phase 3A the same day with 10,000 metric tonnes.