Petrol Depot Prices Rise Up to N60 Per Litre as Diesel Falls Across Nigeria

Petrol prices climbed by as much as N60 per litre at major depots in Lagos during the week, while diesel prices fell in several locations. At seven comparable Lagos depots, the average petrol price rose by N41.43 per litre, from N1,238 to N1,279.43, between Monday and Friday. Diesel at the same Lagos depots dropped by an average of N33.12 per litre, from N1,810 to about N1,776.88.

Lagos petrol and diesel moves

African Terminal, Integrated and A.A. Rano each raised petrol prices by N60 per litre, from N1,220 on Monday to N1,280 on Friday. Aiteo moved from N1,221 to N1,277, a N56 increase. Rain Oil raised its rate by N55 to N1,280. Nipco increased its price by N29 to N1,279. MRS Tincan bucked the trend with a N30 cut, from N1,310 to N1,280.

On diesel, Wosbab recorded the biggest reduction in Lagos, cutting its price by N60 from N1,830 to N1,770 per litre. Gulf Treasure, African Terminal, Integrated, Duport, T.Time and Ascon each reduced their prices by N35 to N1,765. Nipco kept its diesel price at N1,850 per litre.

Warri and Port Harcourt

In Warri, Matrix and A.Y.M Shafa raised petrol prices by N17 to N1,300 per litre. Parker increased its rate by N15 to N1,300. The average petrol price in Warri climbed by N16.33 to N1,300.

Warri diesel prices moved lower. Matrix and Nipco reduced their rates by N40 each to N1,800. Rain Oil and Edo Refinery implemented N20 reductions, bringing their prices to N1,810 and N1,820 respectively.

In Port Harcourt, Masters increased its petrol price by N45 to N1,325 per litre. Bulk Strategic reduced diesel by N35 to N1,815 per litre.

Crude fall and market outlook

Brent crude declined from $104.77 per barrel on Monday to $99.69 on Friday, a drop of $5.08 or about 4.85%. West Texas Intermediate recorded midweek losses before recovering towards Friday's close. Both benchmarks still ended below their Monday opening levels.

The divergence between falling crude prices and rising domestic petrol depot rates points to local supply and pricing conditions. Attention will now shift to Dangote Refinery's pricing decisions, crude market developments and depot supply conditions as marketers assess the outlook for petrol and diesel prices.

Petrol prices had earlier climbed to as high as N1,370 per litre in Lagos, piling fresh pressure on motorists and households after another round of depot price adjustments. Major filling stations, including NNPCL, MRS and Mobil, have reviewed pump prices as marketers grapple with rising supply costs. The diesel decline offers some relief to businesses and consumers, but the petrol increase keeps pressure on transport and household costs.