Suara Sherif
Nigerians are bracing for another round of petrol price increases after depot rates across major supply hubs surged to as high as N1,290 per litre, driven by a sharp rebound in global crude oil prices.
The spike in depot costs is expected to force marketers to adjust pump prices in the coming days, adding fresh pressure on households and businesses already grappling with high energy costs.
Yesterday’s mid day depot report showed significant price movements across key locations.
In Calabar, Mainland and Soroman depots raised petrol prices by N87 to N1,290 per litre, while Matrix pushed its rate up by N86 to N1,290. Sobaz also increased its price by N80 to N1,285.
In Lagos, Dangote Refinery lifted its petrol price by N66 from N1,200 to N1,266 per litre.
Pinnacle moved in the same direction, climbing from N1,201 to N1,266. African Terminal and Integrated raised their prices by N67 to N1,268.
Independent depots recorded similar movements, with Masters increasing its rate by N75 to N1,285, while Liquid Bulk, Sigmund and T.S.L added N63 to sell at N1,278.
The price surge coincides with renewed instability in the Middle East, which has pushed international oil prices higher.
Brent crude futures settled around $90.49 per barrel on Tuesday, up 2.71 percent after fresh military exchanges between the United States and Iran.
For Nigeria, higher global crude prices translate into increased replacement costs for imported petrol and influence pricing decisions by domestic refiners and marketers.
Analysts say the combination of rising crude costs, elevated depot prices, logistics expenses and distribution margins could keep upward pressure on filling-station prices.
The development comes just days after concerns emerged over the widening gap between international crude prices and domestic petrol rates.
MRS, which takes direct delivery from the Dangote Refinery, currently sells at N1,310 per litre, while many other outlets charge between N1,350 and N1,400.
Further increases in retail prices would raise transportation and logistics costs, while businesses relying on petrol and diesel for power generation could face steeper operating expenses.
