The cost of loading petrol and other refined petroleum products at the depots increased on Monday. Marketers increased depot prices of petrol and diesel by N43 (4.74%) due to the rising crude oil prices. This situation may lead to filling stations nationwide adjusting their pump prices to reflect the increased costs of refined products.
On Monday, an analysis of petrol price movements at loading depots revealed that Swift depot increased its loading price from N907 to N950 per litre, Wosbab depot increased its price from N909 to N950 per litre, Sahara depot increased its price from N910 to N950 per litre, Shellplux increased its price from N908 to N960 per litre, and Chipet depot increased its price from N908 to N960 per litre.
These depots increased their loading prices, with some raising them by as much as N52 per litre.
Additionally, Nipco Depot increased its price by N38 from N912 to N950 while the Matrix Warri Depot increased its cost from N925 per litre to N945.
It was gathered that marketers who picked products from the Dangote refinery and resell to other retailers increased their costs to N923 per litre despite picking products from the refinery at N899 per litre.
For diesel, some loading depot prices including Stockgap depot increased its price from N1,080 to N1,150. Ibeto Depot approved an increase from N1,050 to N1,150 per litre. Sahara Depot sold its product at N1,150 from N1,045 last week.
Nipco Depot increased its price to N1,150 from N1,120 while Optima Depot approved a N72 increase to N1,120 per litre from N1,048.
The average increase in depot prices for PMS stands at approximately 7-10 per cent while AGO prices have surged by 5-10 per cent, depending on the depot and location.
Reacting in an earlier interview, an oil and gas expert, Olatide Jeremiah, said depots are poised to increase the loading price of refined petroleum products.
Jeremiah, who is the Chief Executive Officer of petroleumprice.ng, said, “It implies that there is a possibility of increased fuel prices, particularly diesel prices.
As Brent crude approached $80 on Friday, some Lagos depots raised prices. With importers likely to increase prices on Monday, consumers may face higher costs. Another marketer, Bayo Adelaja noted that depot rates have surged, directly impacting pump prices, and further fluctuations are expected in the coming weeks. The unstable depot rates may lead to more adjustments, highlighting the need for long-term strategies to protect consumers and the economy.
