Petrol Prices Surge Nationwide as Marketers Adjust Rates

Petrol marketers across Nigeria have raised their pump prices following a significant increase in depot costs at major petroleum hubs, including Lagos, Calabar, and Warri. Depot prices have surged to as high as N1,290 per litre, with the Dangote Petroleum Refinery adjusting its price from N1,200 to N1,266 per litre.

Pinnacle Oil matched this increase, also setting its price at N1,266 per litre, while African Terminal and Integrated set their depot rates at N1,268 per litre. Other independent depots, such as Masters, Liquid Bulk, Sigmund, and T.S.L, have also raised their prices.

The adjustments are attributed to rising international crude oil prices, with Brent crude futures reaching approximately $90.49 per barrel. This increase in replacement costs for petroleum products affects refiners and importers, leading to higher prices for consumers, with some filling stations already charging above N1,300 per litre.

The sustained price increases could elevate operational costs for businesses reliant on petrol-powered generators and potentially impact food prices and other goods.