The cost of Premium Motor Spirit (PMS), commonly known as petrol, is expected to rise sharply following a recent increase in depot prices to an average of ₦950 per litre. The price hike is attributed to surging global crude oil prices, with Brent crude reaching $79.76 per barrel.
Depot Price Increases
Several depots have already adjusted their loading prices:
- Swift Depot: ₦950 per litre (up from ₦907).
- Wosbab Depot: ₦950 per litre (up from ₦909).
- Sahara Depot: ₦950 per litre (up from ₦910).
- Shellplux Depot: ₦960 per litre (up from ₦908).
- Nipco Depot: ₦950 per litre (up from ₦912).
- Matrix Warri Depot: ₦945 per litre (up from ₦925).
Other depots, including Ibeto and Optima, have reported price increases of ₦70–₦100 per litre, with some prices reaching as high as ₦1,150 per litre.
Impact on Pump Prices
Industry experts warn that filling stations across Nigeria may soon adjust their pump prices to reflect the new depot rates. Current pump prices in Abuja range between ₦935 and ₦1,100 per litre, but further increases are anticipated.
Expert Reactions
Olatide Jeremiah, CEO of petroleumprice.ng, stated that the surge in Brent crude prices has already led to selective price hikes at depots. He explained, “Rising crude prices significantly influence the cost of refined products, and we may see further increases, particularly for diesel and petrol.”
Similarly, oil marketer Bayo Adelaja noted, “Depot rates have escalated sharply, directly impacting pump prices. Consumers should prepare for more fluctuations in the weeks ahead.”
Current Observations
Despite rising depot prices, retail petrol prices in some areas, such as Abuja, have yet to reflect the increases. However, this is expected to change soon as more filling stations adjust to the new rates.
Conclusion
With depot prices surging and crude oil costs rising globally, Nigerians may face yet another round of fuel price hikes, intensifying the financial burden on consumers already grappling with economic challenges.
