Petrol Prices Jump in Warri and Port Harcourt as Lagos Depots Hold Steady

Oil marketers adjusted petrol loading prices at depots across Nigeria on Thursday, with Matrix Depot in Port Harcourt recording the steepest increase of N50 per litre. The move widens the regional price gap between Lagos and the South-South as crude oil prices rise following renewed tension between the US and Iran.

Data obtained from Petroleumprice.ng shows that Matrix Depot in Port Harcourt moved its Premium Motor Spirit (PMS) loading price from N1,100 to N1,150 per litre. That is the largest single adjustment recorded across all monitored depots. The new price places Matrix Port Harcourt N75 above the N1,075 per litre benchmark that most Lagos depots are currently holding, pointing to stronger supply-cost pressures in the South-South region.

Warri Depots Also Move Up

Depots in Warri also revised prices upwards, though by smaller margins than Port Harcourt. Matrix Warri added N40 to its loading price, reaching N1,125 per litre. Optima moved up by N20 to N1,100. Nepal and Rain Oil adjusted their prices to N1,098 and N1,100 per litre respectively. Prudent added N13 per litre to settle at N1,098. A.Y.M Shafa and Parker quoted N1,085 and N1,084 per litre without adjustment.

Lagos Depots Remain Largely Stable

Price movement in Lagos was minimal. African Terminal and Aiteo each nudged their ex-depot prices up by N1 per litre to N1,075. Ardova, Dangote, NIPCO, Sahara, Ascon, and Pinnacle all held firm at N1,075 per litre. Heyden quoted the lowest price among Lagos depots at N1,073 per litre.

The full list of depot prices as of Thursday shows: Lagos depots: African Terminal from N1,074 to N1,075 (up N1); Aiteo from N1,074 to N1,075 (up N1); Ardova N1,075; Ascon N1,075; Dangote N1,075; Heyden N1,073; NIPCO N1,075; Pinnacle N1,075; Sahara N1,075. Port Harcourt: Matrix from N1,100 to N1,150 (up N50); A.Y.M Shafa N1,085. Warri: Matrix from N1,085 to N1,125 (up N40); Nepal from N1,080 to N1,098 (up N18); Optima from N1,080 to N1,100 (up N20); Parker N1,084; Prudent from N1,085 to N1,098 (up N13); Rain Oil from N1,085 to N1,100 (up N15).

NNPCL Also Cut Prices Earlier

Earlier, Legit.ng reported that the Nigerian National Petroleum Company Limited (NNPCL) announced another reduction in the retail price of Premium Motor Spirit (PMS), marking its second price cut within two weeks. Under the revised pricing, motorists in Lagos now buy petrol at N1,170 per litre, down from N1,210, while the price at NNPC filling stations in Abuja fell from N1,260 to N1,210 per litre. The latest adjustment follows recent movements in global crude oil prices.

For consumers, the widening gap between Lagos depot prices and those in Port Harcourt and Warri means that petrol will likely cost more at the pump in the South-South in the coming days, while Lagos motorists may see little change for now.