Depot Petrol Prices Hold as Brent Crude Tops $107, Diesel Climbs to N2,100
By Aboki Forex —
Nigerian petroleum marketers released fresh depot prices on Thursday, September 10, with petrol rates largely unchanged even as Brent crude climbed above $107 per barrel. The global benchmark has risen roughly 8% in four days, while West Texas Intermediate crossed $101 per barrel on supply concerns.
Dangote Petroleum Refinery held its Lagos petrol price at N1,266 per litre. MRS stayed at N1,267 and Pinnacle quoted N1,273, while A.A. Rano edged up from N1,270 to N1,272 per litre. The Lagos market remains below the N1,300 per litre mark that marketers are increasingly using as a benchmark for future replacement costs.
Port Harcourt and Warri rates
In Port Harcourt, several operators trimmed prices marginally. Liquid Bulk and Masters both moved to N1,267 per litre, Stockgap dropped to N1,268 and T.S.L fell to N1,267. Matrix held firm at N1,285 per litre.
Warri recorded a mixed picture. Matrix and Prudent both stayed at N1,285 per litre, while Nepal rose from N1,270 to N1,275. Rain Oil posted one of the sharpest single-day cuts, dropping N20 from N1,300 to N1,280 per litre.
Diesel under stronger pressure
Diesel prices moved far more than petrol. In Lagos, Ibeto raised its automotive gas oil price by N160 to N1,950 per litre, with Nipco quoting the same rate. Dangote Refinery and Eterna held their diesel prices at N1,850 per litre.
Port Harcourt recorded the highest diesel figure in the latest data, with Sahara quoting N2,100 per litre. In Warri, Matrix priced AGO at N2,000 per litre, while Prudent and Rain Oil quoted N1,900. Zamson raised its diesel price from N1,860 to N1,900 per litre.
What it means for marketers
The crude rally has shifted attention from the cost of products already in storage to the price at which those volumes can be replaced. The landing cost of petrol has climbed to about N1,311 per litre, above the depot rates operators are currently selling at.
Marketers are now using N1,300 per litre for petrol and N2,000 per litre for diesel as informal reference points when assessing their next round of purchases. If crude prices stay elevated, operators could face tighter margins as they return to the market to restock.
The development follows an earlier upward review by the Nigerian National Petroleum Company Limited and other fuel retailers in Abuja, which pushed pump prices higher in parts of the capital.