On Monday, major petroleum product depots in Nigeria announced adjustments to the landing cost of premium motor spirit (PMS) and other petroleum products.
This change comes as the global crude oil price, specifically Brent crude, surged above $80 per barrel.
In response to the rising global oil prices, depot owners in Nigeria have implemented an increase of at least N40 in petrol prices.
Reports indicate that Wosbab Depot has raised its price from N909 to N950, while Sahara Depot has similarly increased its price to N950 from N910 per litre.
Additionally, Shellplux Depot has raised its loading costs to N960 from N908, and Chipet Depot is now charging retailers N960 per litre, up from N908 last Friday.
Nipco Depot has also increased its price by N38, from N912 to N950, whereas Matrix Warri Depot raised its cost from N925 to N945.
Furthermore, Ibeto Depot has approved a price increase from N1,050 to N1,150 per litre, while Sahara Depot has adjusted its pricing to N1,150 from N1,045 last week.
In another adjustment, Nipco Depot has increased its price to N1,150 from N1,120, and Optima Depot has raised its price by N72 to N1,120 from N1,048.
The average increase in depot prices for PMS is approximately 7-10%, while automotive gas oil (AGO) prices have surged by 5-10%, varying by depot and location.
Despite these increases in depot prices, retail petrol prices in the Federal Capital Territory (Abuja) have remained unchanged, ranging from N935 to N1,100 per litre across various filling stations.
In recent weeks, petrol prices had seen a notable reduction owing to the price competition between Dangote Refinery and the Nigerian National Petroleum Company Limited.
