Marketers have begun quoting new prices as the loading cost of Premium Motor Spirit (petrol) and other refined petroleum products at the depots increased on Monday.
Petrol and diesel prices at depots have been raised by N43 or 4.74 per cent due to the rising crude oil prices. The cost of Brent, the global benchmark for crude, reached $79.76 per barrel on Sunday.
The increase in depot prices is expected to have a ripple effect on petrol prices at filling stations across the country. It is expected that filling stations nationwide will adjust their pump prices to reflect the higher costs of refined products.
As of Monday, several depots increased their loading prices. Swift Depot raised its loading price to N950 per litre from N907 last Friday. Wosbab Depot increased its price to N950 from N909, while Sahara Depot made a similar change to N950 from N910 when it sold a litre of petrol last Friday.
Other depots, including Shellplux, Chipet Depot, and Nipco Depot, also increased their loading costs. Shellplux increased its loading costs to N960 from N908. Chipet Depot asked retailers to pay N960 per litre to receive products. It sold at N908 per litre last week Friday. Nipco Depot increased its price by N38 from N912 to N950 while the Matrix Warri Depot increased its cost from N925 per litre to N945.
For diesel, some loading depot prices, including Stockgap depot, increased its price from N1,080 to N1,150. Ibeto Depot approved an increase from N1,050 to N1,150 per litre. Sahara Depot sold its product at N1,150 from N1,045 last week. Nipco Depot increased its price to N1,150 from N1,120 while Optima Depot approved a N72 increase to N1,120 per litre from N1,048.
The average increase in depot prices for PMS stands at approximately 7-10 per cent while AGO prices have surged by 5-10 per cent, depending on the depot and location.