Depot prices for petrol and diesel across Nigeria have surged sharply between Monday and Wednesday, mirroring a notable rise in international crude oil benchmarks. The pricing swing comes as Brent and WTI crude both posted over 4% gains in just 48 hours, placing further pressure on local fuel marketers already grappling with supply volatility and FX concerns.
Crude Oil Rally Sparks Price Adjustments Nationwide
Between Monday and Wednesday, Brent crude climbed from $68.87 to $72.16, a 4.77% increase. Similarly, WTI crude rose from $65.55 to $68.85, translating to a 5.04% jump.
Consequently, domestic depot prices have moved in tandem. Analysts say the hike was largely driven by the increased cost of imported crude. This is particularly relevant for Dangote Refinery, which sources approximately 50% of its crude feedstock internationally. As a result, any increase in global prices directly impacts the cost structure of downstream products.
PMS Prices: Mixed Reactions Across Depots
As tracked by Petroleumprice.ng, Premium Motor Spirit (PMS) prices rose at most depots, with some exceptions:
Port Harcourt Depots
- Matrix: ₦840 → ₦845 (+0.60%)
- Ever: ₦843 → ₦845 (+0.24%)
- TSL: ₦839 → ₦840 (+0.12%)
Calabar Depot
- Matrix: ₦838 → ₦845 (+0.84%)
Warri Depots
- Rainoil: ₦830 → ₦855 (+3.01%)
- A&E: ₦825 → ₦825 (No change)
- Parker: ₦825 → ₦824 (-0.12%)
- Zamson: ₦829 → ₦825 (-0.48%)
Lagos Depots
- Nipco: ₦818 → ₦825 (+0.86%)
- Aiteo: ₦815 → ₦822 (+0.86%)
Although the overall upward trend is clear, the variance in Warri, especially with Rainoil’s ₦25/litre spike, signals potential location-specific cost pressures or supply constraints.
Diesel Prices Surge More Drastically
Automotive Gas Oil (AGO) prices saw steeper climbs, suggesting a more acute sensitivity to crude market changes:
Warri Depots
- Taurus: ₦1030 → ₦1040 (+0.97%)
- Prudent: ₦1010 → ₦1030 (+1.98%)
- Matrix: ₦1010 → ₦1150 (+13.86%)
- First Fortune: ₦1030 → ₦1035 (+0.49%)
Lagos Depots
- Obat: ₦1005 → ₦1130 (+12.44%)
- Wosbab: ₦1005 → ₦1100 (+9.45%)
While Matrix and Obat recorded double-digit gains, other terminals showed more modest increases, hinting at diversified sourcing and demand levels.
Price Volatility Likely to Continue
Looking ahead, marketers expect depot prices to remain volatile, especially if crude oil sustains its upward trajectory or if the naira weakens further.
Moreover, since many marketers rely on the parallel market for forex, any imbalance between global oil trends and FX availability could amplify pricing instability.
In conclusion, while this week’s changes appear moderate at the pump, the current trend signals potential retail adjustments in the near term. Consumers and stakeholders alike will be watching depot movements closely.