Petrol prices at depots in several parts of the country rose on Friday, with some marketers in Port Harcourt increasing their rates to ₦1,900 per litre, even as the Nigerian National Petroleum Company Limited (NNPC) and some private retailers sold the product at lower prices in Lagos.
The increases were recorded in Lagos, Port Harcourt, Warri and Calabar, raising concerns about the possibility of further increases in domestic petroleum product prices.
NIPCO recorded the sharpest increase in Port Harcourt, raising its Premium Motor Spirit (PMS) price by ₦170 per litre, from ₦1,730 to ₦1,900. Six other depots also increased their prices by ₦150 per litre to the same level.
The adjustments coincided with a rise in international crude oil prices, with Brent crude climbing to $104.50 per barrel from $104.28. The United States benchmark, West Texas Intermediate (WTI), also increased to $91.73 per barrel from $91.49.
A review of depot prices showed that African Terminal, Ascon, Eterna, Gulf Treasure, Ibachem and Ibeto raised their petrol prices in Port Harcourt from ₦1,750 to ₦1,900 per litre.
Duport and Integrated also adjusted their rates upward, moving from ₦1,750 to ₦1,806 per litre, an increase of ₦56.
In Lagos, Masters raised its price from ₦1,303 to ₦1,350 per litre, while Matrix increased its rate from ₦1,330 to ₦1,360.
Sigmund and T.S.L moved their prices from ₦1,300 to ₦1,350 per litre, while NIPCO increased its rate from ₦1,326 to ₦1,350.
In Calabar, Matrix raised its petrol price from ₦1,315 to ₦1,370 per litre.
Similarly, in Warri, Keonamex, Matrix, Nepal and Parker increased their rates from ₦1,315 to ₦1,360 per litre. Optima also raised its price from ₦1,330 to ₦1,360.
At the retail level, petrol prices varied among filling stations in Lagos and neighbouring areas.
NNPC sold the product at ₦1,360 per litre, while MRS Oil Nigeria Plc retailed it at ₦1,338. 11 Plc sold petrol at ₦1,338.80 per litre.
Independent marketers, however, charged between ₦1,368 and ₦1,400 per litre, depending on their locations.
The price variations meant that motorists buying from MRS and 11 Plc paid less than customers patronising some independent filling stations, where pump prices reached ₦1,400 per litre.
The differences between depot and retail prices also reflected the varying pricing decisions across the petroleum supply chain. While wholesale prices rose in several locations, some retailers continued to sell below the rates charged by other marketers.
The diesel market also witnessed significant increases, particularly in Warri, where Rain Oil and Matrix raised their Automotive Gas Oil (AGO) prices by ₦180 per litre, from ₦1,720 to ₦1,900.
In Port Harcourt, Dangote increased its diesel price from ₦1,702 to ₦1,720 per litre, while Masters raised its rate from ₦1,788 to ₦1,825.
The increases could further raise operating expenses for manufacturers, transport operators and other businesses that depend on diesel for electricity generation and transportation.
A sustained rise in diesel prices could put additional pressure on production and logistics costs, with possible implications for the prices of goods and services.
International oil market records mixed movements
Developments in the international oil market were mixed, with some crude oil benchmarks recording increases while others declined.
The Organisation of Petroleum Exporting Countries’ (OPEC) Basket price rose to $109.50 per barrel from $108.59, while WTI Midland increased to $92.74 from $92.32.
Natural gas prices also climbed to $3.235 from $3.168.
However, Murban crude declined to $108.50 per barrel from $110.49.
Among refined petroleum products, gasoline fell to $3.293 from $3.316, while heating oil dropped to $4.724 from $4.883. The Indian Basket price, on the other hand, increased to $121.10 per barrel from $117.63.
The mixed movements suggest that the increases in domestic depot prices may not be explained solely by the day’s changes in crude oil prices. Other factors, including replacement costs, product availability, transportation expenses and marketers’ pricing decisions, could also influence local rates.
Commenting on the development, the Chief Executive Officer of Petroleumprice.ng, Olatide Jeremiah, said: “Despite domestic issues and development in Nigeria, the downstream sector would continue to respond or react to developments at the global oil market.”
(VANGUARD)
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