Petrol Depot Prices Hit N1,900 in Port Harcourt as Lagos Stations Sell Cheaper

Petrol depot prices climbed across Lagos, Port Harcourt, Warri and Calabar on Friday, October 9, with several Port Harcourt depots selling at N1,900 per litre even as some Lagos filling stations kept pump prices far lower.

The increases came as international crude oil prices edged up slightly, though movements in the global market remained mixed.

Port Harcourt depots lead the rise

NIPCO recorded one of the biggest jumps in Port Harcourt, raising its petrol price by N170 per litre to N1,900 from N1,730.

African Terminal, Ascon, Eterna, Gulf Treasure, Ibachem and Ibeto also moved to N1,900 per litre from N1,750, an increase of N150.

Duport and Integrated adjusted their prices by N56 each, selling petrol at N1,806 per litre compared with N1,750 previously.

In Calabar, Matrix raised its petrol price to N1,370 per litre from N1,315. Depot prices also climbed in Warri, where Keonamex, Matrix, Nepal and Parker lifted their rates to N1,360 per litre from N1,315. Optima increased its price to N1,360 from N1,330.

Lagos depots raise rates, retailers hold lower

In Lagos, Masters raised its price to N1,350 per litre from N1,303, while Matrix increased its rate to N1,360 from N1,330. Sigmund and T.S.L moved to N1,350 per litre from N1,300, while NIPCO raised its rate to N1,350 from N1,326.

Despite the depot increases, retail prices stayed comparatively lower at some filling stations in Lagos and surrounding areas.

NNPC Limited sold petrol at N1,360 per litre at its outlets. MRS Oil Nigeria Plc charged N1,338 per litre, and 11 Plc sold at N1,338.80 per litre. Independent marketers charged between N1,368 and N1,400, depending on location.

That means motorists buying from MRS and 11 Plc paid less than customers patronising some independent filling stations. The gap between depot and pump prices reflects varying costs and pricing decisions across the downstream petroleum market.

Diesel costs add pressure in Warri, Port Harcourt

Diesel prices recorded notable increases in Warri, adding to concerns about rising operating expenses for businesses that depend on the product. Rain Oil and Matrix raised their Automotive Gas Oil (AGO) prices by N180 per litre to N1,900 from N1,720.

In Port Harcourt, Dangote increased its diesel price to N1,720 per litre from N1,702, while Masters raised its rate to N1,825 from N1,788.

For businesses, the diesel jump matters more than the petrol movement. Many manufacturers, transporters and cold room operators rely on diesel for power, and a N180 per litre rise in Warri will feed directly into production and logistics costs. If depot prices keep climbing, the lower pump prices seen at some Lagos stations may not hold for long.