Depot petrol prices rise to N1,290 per litre, raising prospects of new pump hike

Nigerians may soon face higher petrol prices after depot rates for Premium Motor Spirit (PMS) surged to as high as N1,290 per litre across major petroleum hubs, driven by a renewed rise in international crude oil prices.The sharp increase in wholesale costs is expected to push marketers to review pump prices if the trend continues, potentially adding further strain on households and businesses already grappling with high living costs.According to the latest mid-day depot price report, petrol rates rose significantly in Lagos, Calabar, Port Harcourt and Warri.In Calabar, Mainland and Soroman depots raised prices by N87 per litre to N1,290 from N1,203. Matrix increased its rate by N86 to N1,290, while Sobaz adjusted upward by N80 to N1,285.In Lagos, the Dangote Refinery hiked its petrol price by N66 per litre, from N1,200 to N1,266. Pinnacle followed suit, moving from N1,201 to N1,266, while African Terminal and Integrated each raised prices by N67 to N1,268.Some independent depots recorded even steeper increases: Masters raised its price by N75 to N1,285, while Liquid Bulk, Sigmund and T.S.L each increased by N63 to N1,278.The upward movement coincides with strengthening global oil prices amid renewed tensions in the Middle East. Brent crude futures settled at about $90.49 per barrel on Tuesday after rising 2.71 per cent following fresh military exchanges between the United States and Iran.Higher international crude prices raise the replacement cost of imported petrol and influence pricing decisions by domestic refiners and marketers. Industry observers note that elevated crude costs, higher depot rates, logistics expenses and distribution margins could combine to exert further pressure on filling-station prices.The development comes just days after concerns about the growing gap between international crude prices and domestic depot rates. Checks showed that MRS, which takes direct delivery from the Dangote Refinery, was selling petrol at N1,310 per litre, while many other outlets charged between N1,350 and N1,400 per litre.Any further rise in retail prices is expected to increase transportation and logistics costs, while businesses relying on petrol and diesel for power generation could face higher operating expenses.

By Udeme Akpan, Energy Editor Nigerians may soon pay more for  Premium Motor Spirit (PMS), also known as petrol, as depot prices across major petroleum hubs have climbed sharply to as high as N1,290 per litre, amid a renewed surge in international crude oil prices. The development threatens to worsen the financial burden on households and […] The post Fresh petrol price hike looms as depot rates hit N1,290  appeared first on Vanguard News.