Petrol Price Surge Looms as Depot Costs Skyrocket
The cost of petrol in Nigeria is set to increase as depot prices for petrol and diesel climbed on Monday.
On Sunday, Brent crude oil, the global benchmark, rose to $79.76 per barrel, prompting major depots such as Swift, Wosbab, Sahara, and Shellplux to adjust petrol prices to between ₦950 and ₦960 per litre, up from last week’s range of ₦907 to ₦912 per litre.
Diesel prices also surged significantly, with Matrix Warri and Nipco depots increasing their rates by ₦72 to ₦100 per litre.
Stockgap depot raised its price from ₦1,080 to ₦1,150, while Ibeto approved an increase from ₦1,050 to ₦1,150 per litre.
Data from the Major Oil Marketers Association of Nigeria revealed that as of December 19, 2024, the landing cost of petrol was ₦887.51 per litre. However, with rising crude oil prices, the landing cost is expected to increase further.
In recent weeks, petrol prices had decreased following ex-depot price reductions announced by Dangote Refinery and the Nigerian National Petroleum Company Limited (NNPCL). This reduction brought retail petrol prices down to between ₦935 and ₦965 per litre from ₦1,040 per litre.
Currently, Nigerians buy petrol at prices ranging from ₦935 to ₦1,100 per litre across the country.
If the anticipated price hikes take effect, they could exacerbate the already high cost of goods and services, further straining household budgets.
