Petrol Prices Approach N2,000 Per Litre Amid Cost Surge

On October 9, petrol depot prices in Nigeria rose significantly, with Port Harcourt depot operators increasing prices to N1,900 per litre. NIPCO raised its price by N170 per litre to N1,900 from N1,730.

Other operators like African Terminal, Ascon, Eterna, Gulf Treasure, Ibachem, and Ibeto also increased their prices to N1,900 per litre from N1,750. In Lagos, filling stations like Masters and Matrix adjusted their prices to N1,350 and N1,360 per litre, respectively.

Despite these increases, NNPC Limited sold petrol at N1,360 per litre, while MRS Oil Plc and 11 Plc charged N1,338 per litre. The differences in prices reflect varying costs across the downstream petroleum market.

Diesel prices also saw notable increases, with Rain Oil and Matrix raising their Automotive Gas Oil prices by N180 per litre to N1,900 from N1,720. The overall trend raises concerns about rising fuel costs for consumers and businesses.