The cost of loading Premium Motor Spirit (petrol) and other refined petroleum products at depots rose on Monday.

Reports indicate that marketers increased the prices of petrol and diesel at depots by N43, representing a 4.74% hike, due to rising crude oil prices.

As of Sunday, Brent crude, the global benchmark, was priced at $79.76 per barrel.

This development suggests that filling stations across the country may adjust pump prices to align with the higher costs of refined products.

An analysis of petrol price movements at depots on Monday revealed that Swift Depot raised its loading price to N950 per litre from N907 last Friday.

Similarly, Wosbab Depot increased its price to N950 from N909, while Sahara Depot adjusted its rate to N950 from N910.

Shellplux, a private depot, raised its loading price for petrol to N960 per litre, up from N908.

Similarly, Chipet Depot increased its price to N960 per litre, compared to N908 last Friday.

Nipco Depot adjusted its rate by N38, moving from N912 to N950, while Matrix Warri Depot increased its cost from N925 per litre to N945.

Reports also revealed that marketers sourcing products from the Dangote Refinery, which sells at N899 per litre, now resell to retailers at N923 per litre.

For diesel, several depots implemented significant price hikes.

READ ALSO: Imported Petrol Prices Drop To N900/Litre

Stockgap Depot increased its price from N1,080 to N1,150 per litre, while Ibeto Depot raised its rate from N1,050 to N1,150. Sahara Depot adjusted its diesel price to N1,150, up from N1,045 last week.

Nipco Depot increased its price to N1,150 from N1,120, and Optima Depot approved a N72 hike, moving from N1,048 to N1,120 per litre.

On average, depot prices for Premium Motor Spirit (PMS) have risen by 7-10%, while Automotive Gas Oil (AGO) prices have surged by 5-10%, depending on the depot and location.

Commenting on the development, Olatide Jeremiah, an oil and gas expert and CEO of petroleumprice.ng, stated, “It implies that there is a possibility of increased fuel prices, particularly diesel prices.

“As of Friday, when Brent crude neared $80, prices selectively increased in some depots in Lagos, and on Monday, prices might be jacked up by importers because a large chunk of oil marketers import petroleum products and Brent crude is a major determining factor in the refining process.”

Another marketer, Bayo Adelaja said, “Depot rates have escalated sharply, and this is directly affecting pump prices. Consumers should expect further fluctuations in the coming weeks,” he noted.

With depot rates continuing to fluctuate, further price adjustments may be expected in the coming weeks, highlighting the urgency of adopting long-term strategies to cushion the impact on consumers and the economy.

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