The latest price adjustments occurred on Friday as international crude oil prices recorded modest gains, although petrol pump prices remained lower at some filling stations in Lagos.
The increases highlight the continuing differences between depot prices and retail pump prices across the country, with motorists facing varying costs depending on their locations and the filling stations they patronise.
Petrol Depots in Port Harcourt Raise Prices to N1,900
Several petroleum marketers in Port Harcourt increased their petrol prices to N1,900 per litre.
NIPCO reportedly raised its Premium Motor Spirit (PMS) price by N170, from N1,730 to N1,900 per litre.
Six other depots — African Terminal, Ascon, Eterna, Gulf Treasure, Ibachem and Ibeto — also increased their prices from N1,750 to N1,900 per litre, representing an increase of N150.
Duport and Integrated adjusted their prices from N1,750 to N1,806 per litre, an increase of N56.
The increases could put additional pressure on independent filling stations that depend on depot supplies to maintain their retail operations.
Petrol Prices Also Increase in Lagos, Warri and Calabar
In Lagos, several depots raised their petrol prices, although the increases were less pronounced than those recorded in Port Harcourt.
Masters increased its price from N1,303 to N1,350 per litre, while Matrix raised its rate from N1,330 to N1,360.
Sigmund and T.S.L increased their prices from N1,300 to N1,350 per litre. NIPCO also adjusted its price from N1,326 to N1,350.
In Calabar, Matrix raised its petrol price from N1,315 to N1,370 per litre.
Meanwhile, marketers in Warri also adjusted their rates. Keonamex, Matrix, Nepal and Parker increased their prices from N1,315 to N1,360 per litre, while Optima raised its price from N1,330 to N1,360.
The price movements indicate that the latest adjustments were recorded across multiple locations, although the size of the increases varied by depot.
Current Petrol Pump Prices in Lagos
Despite the rising depot prices, retail petrol prices in Lagos remained lower at some filling stations.
According to the reported market figures, NNPC Limited sold petrol at N1,360 per litre at its filling stations in Lagos and surrounding areas.
Other reported retail prices included:
MRS Oil Nigeria Plc: N1,338 per litre
11 Plc: N1,338.80 per litre
Independent marketers: N1,368 to N1,400 per litre, depending on location
Motorists purchasing petrol from MRS and 11 Plc therefore paid less than customers buying from some independent filling stations.
However, the differences between retail outlets may change as marketers adjust their prices in response to supply costs and market conditions.
Diesel Prices Rise to N1,900 Per Litre in Warri
The diesel market also recorded significant increases, adding to concerns about the operating expenses of businesses that rely on diesel for transportation and power generation.
In Warri, Rain Oil and Matrix increased their Automotive Gas Oil (AGO) prices by N180 per litre, from N1,720 to N1,900.
In Port Harcourt, Dangote raised its diesel price from N1,702 to N1,720 per litre, while Masters increased its price from N1,788 to N1,825.
If these higher prices persist, manufacturers, transport operators and other businesses may face additional operating costs. Businesses that depend heavily on generators could also experience increased expenses.
Such costs can affect the prices of goods and services, depending on how businesses respond to the higher cost of energy.
International Crude Oil Prices Record Mixed Movements
International oil markets recorded mixed movements alongside the domestic price increases.
Brent crude rose to $104.50 per barrel from $104.28, while West Texas Intermediate (WTI) increased to $91.73 from $91.49.
The OPEC Basket climbed to $109.50 per barrel from $108.59, while WTI Midland rose to $92.74 from $92.32.
Natural gas prices also increased from $3.168 to $3.235.
However, not all international benchmarks moved upwards. Murban crude declined from $110.49 to $108.50 per barrel.
Among refined products, gasoline prices fell from $3.316 to $3.293, while heating oil declined from $4.883 to $4.724. The Indian Basket, meanwhile, rose from $117.63 to $121.10 per barrel.
The mixed performance suggests that the domestic depot price increases cannot be explained by crude oil movements alone. Supply availability, product replacement costs, transportation expenses and marketers' individual pricing decisions may also influence prices within Nigeria.
Oil Market Expert Comments on Global Market Influence
Commenting on the developments in an interview with Vanguard, the Chief Executive Officer of Petroleumprice.ng, Olatide Jeremiah, said Nigeria's downstream petroleum sector would continue to respond to developments in the international oil market.
His comments highlight the connection between global energy market movements and domestic petroleum pricing, even as local supply conditions and distribution costs also influence the prices consumers pay.
Will Petrol Prices Increase Further in Nigeria?
The latest increases at several depots have raised concerns about the possibility of further changes in retail petrol prices.
However, rising depot prices do not automatically mean that every filling station will immediately increase its pump price. Retail prices can differ depending on existing stock, supply arrangements, transportation costs and individual marketers' decisions.
For motorists, commuters and businesses, the key issue will be whether the higher wholesale prices persist and translate into increased retail costs in the coming days.
With petrol reaching N1,900 per litre at several depots in Port Harcourt and diesel hitting the same level at some depots in Warri, the latest developments underscore the continuing volatility of Nigeria's downstream petroleum market.
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