Depot owners in parts of Nigeria set their petrol prices at ₦1,350 per litre on Friday, October 9, following the Federal Government’s announcement of a proposed price cap on petrol landing or ex-gantry costs, although some depots in Warri continued to list the product at ₦1,360 per litre.
Price data obtained showed that Rain Oil, Parker, Optima, Keonamex and Nepal depots in Warri priced Premium Motor Spirit (PMS) at ₦1,360 per litre, exceeding the proposed ₦1,350 ceiling by ₦10 per litre.
In Port Harcourt, TSL and Sigmund initially listed petrol at ₦1,355 per litre before reviewing their prices to ₦1,350. Masters depot also listed the product at ₦1,350 per litre.
In Lagos, Nipco, Honeywell, Ardova and Prudent depots set their petrol prices at ₦1,350 per litre. Northwest depot in Calabar also listed PMS at the same rate.
The prices were reported a day after the Federal Government announced measures to cushion the impact of rising global oil prices on domestic fuel costs. Finance Minister and Coordinating Minister of the Economy Taiwo Oyedele said the government was negotiating a ceiling of ₦1,350 per litre on petrol’s ex-gantry or landing cost.
Under the proposed arrangement, refiners and importers would temporarily absorb costs above the ceiling and recover the difference when market conditions improve. The government said the mechanism was intended to moderate price volatility rather than impose conventional price controls or restore the petrol subsidy abolished in 2023.
The government also announced a 30-day petrol discount through the Nigerian National Petroleum Company Limited’s retail network, with public transport operators prioritised under the initiative. NNPCL is expected to forgo its retail profit margin to provide temporary relief to customers.
The reported prices show that the proposed ceiling has not resulted in uniform pricing across the markets covered. While the listed depots in Lagos, Port Harcourt and Calabar priced petrol at ₦1,350 per litre, the five depots in Warri quoted ₦1,360.
However, the available data does not establish that all the depots increased their prices on Friday, as comparable prices from the previous day were not provided for every location. TSL and Sigmund in Port Harcourt, for instance, reduced their quotations from ₦1,355 to ₦1,350 following a review.
The effect of the government’s measures on depot and retail prices will depend on the final terms of the proposed ceiling, its implementation, and whether the relief reaches filling stations and consumers.
For now, the reported prices indicate that petrol continues to sell at different rates across the selected depot markets as the government moves to limit the domestic impact of elevated international oil prices.