Depots Increase Petrol Price In Nigeria

Major petroleum products depots in Nigeria on Monday adjusted their landing cost of premium motor spirit and other petroleum products.

The development comes as the global crude oil price, for instance, Brent crude, surged above $80 per barrel on Monday.

In a swift response to rising global oil prices, depot owners in Nigeria had announced at least a N40 petrol price adjustment.

This is the case as Wosbab Depot increased its price to N950 from N909, while Sahara Depot made a similar change to N950 from the N910 it sold a litre of petrol last Friday.

Also, a private depot, Shellplux, increased its loading costs to N960 from N908. Chipet Depot asked retailers to pay N960 per litre to receive products.

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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.

The 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 an N72 increase to N1,120 per litre from N1,048.

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The average increase in depot prices for PMS stands at approximately 7-10 percent, while AGO prices have surged by 5-10 percent, depending on the depot and location.

Despite the rise in depot prices, retail prices of petrol in the Federal Capital Territory, Abuja, have remained unchanged as of Monday, selling between N935 and N1,100 per litre across filling stations