Fuel Price Pressure Returns as Petrol Depot Rates Reach ₦1,900 in Port Harcourt

Virgin Times News

Nigerian motorists and businesses are facing renewed uncertainty over fuel costs as petrol depot prices climbed to ₦1,900 per litre in parts of Port Harcourt, even as some filling stations in Lagos continued to sell below that level. The latest price movements, reported on October 10, highlight the gap between wholesale fuel costs and retail pump prices. They also raise questions about whether increases at depots could translate into higher prices for consumers in the days ahead. According to market figures reported by Vanguard, several depots in Port Harcourt raised their petrol prices on Friday, while increases were also recorded in Lagos, Warri and Calabar.

Port Harcourt Records Major Depot Increases

NIPCO reportedly raised its petrol depot price by ₦170 per litre, moving from ₦1,730 to ₦1,900. Six other depots — African Terminal, Ascon, Eterna, Gulf Treasure, Ibachem and Ibeto — also increased their prices from ₦1,750 to ₦1,900 per litre. Duport and Integrated recorded smaller increases, with their prices rising from ₦1,750 to ₦1,806 per litre. The increases mean fuel marketers purchasing from the affected depots face higher acquisition costs. Whether and when those costs will be passed on to motorists will depend on subsequent market conditions and individual retailers’ pricing decisions.

What Motorists Are Paying in Lagos

Despite the increases at some depots, petrol prices at filling stations in Lagos remained varied. The figures reported by Vanguard showed NNPC retail outlets selling petrol at ₦1,360 per litre, while MRS charged ₦1,338 and 11 Plc sold at approximately ₦1,338.80. Some independent marketers charged between ₦1,368 and ₦1,400 per litre, depending on the location. Depot prices in Lagos also moved upward. Masters reportedly increased its rate to ₦1,350 per litre, while Matrix raised its price to ₦1,360. Sigmund, T.S.L and NIPCO also recorded increases. The differences show why motorists can encounter different prices within the same city. Retail rates are influenced by factors including the marketer’s purchase cost, transportation, operating expenses and pricing decisions. These figures reflect the reported market situation on Friday, October 9, and should not be treated as a guarantee of prices at every station today.

Warri and Calabar Also Record Increases

The upward movement was not limited to Port Harcourt and Lagos. In Calabar, Matrix reportedly increased its petrol depot price from ₦1,315 to ₦1,370 per litre. In Warri, Keonamex, Matrix, Nepal and Parker raised their prices from ₦1,315 to ₦1,360 per litre, while Optima moved from ₦1,330 to ₦1,360. The regional differences underline the importance of checking local prices rather than assuming that a price announced in one city applies nationwide. Diesel Reaches ₦1,900 in Warri Diesel users are also confronting higher costs. Rain Oil and Matrix reportedly increased their diesel prices in Warri by ₦180 per litre, taking them from ₦1,720 to ₦1,900. In Port Harcourt, Dangote raised its diesel price from ₦1,702 to ₦1,720, while Masters increased its rate from ₦1,788 to ₦1,825 per litre. Diesel is particularly important to factories, logistics companies, commercial transport operators and businesses that depend on generators to maintain operations. If higher diesel prices persist, businesses may face additional operating expenses, potentially putting pressure on the prices of goods and services. The actual impact will depend on how long the increases last and how much of the additional cost businesses absorb or pass on to customers.

Global Oil Prices Add to Market Uncertainty

International oil prices also edged upward in some benchmarks during the period under review. Brent crude rose from $104.28 to $104.50 per barrel, while West Texas Intermediate increased from $91.49 to $91.73. However, the international market recorded mixed movements across different crude grades and refined products. The changes therefore do not establish that the local depot increases were caused by crude prices alone. Supply conditions, the cost of replacing fuel stocks, transportation and individual marketers’ decisions can also affect domestic pricing. Olatide Jeremiah, chief executive of Petroleumprice.ng, told Vanguard that Nigeria’s downstream petroleum market would continue to respond to developments in the global oil market.

Will Petrol Prices Rise Further?

The latest depot increases have renewed concerns about the direction of pump prices, but a nationwide retail increase cannot be confirmed from the depot figures alone. A depot price is the wholesale price at which marketers purchase products. Filling stations then determine their retail prices based on their costs and market conditions. Consequently, motorists may continue to find differences between locations and between competing brands, even when depot prices are rising. The reported increases also come amid the Federal Government’s temporary petrol-price intervention at NNPC outlets. The coexistence of that intervention and higher prices at some depots illustrates the challenge of achieving consistent retail prices across a deregulated market. For households, transport operators and businesses, the key issue will be whether current wholesale increases are sustained and how they affect prices at the pump in the coming days. Virgin Times News will continue to monitor fuel prices and other developments affecting the cost of living. Stay Informed. Stay Ahead.