There are imminent signs of an increase in petrol prices as the loading costs of petrol and diesel at depots have risen across Nigeria. Brent crude oil, the international benchmark, increased to $79.76 per barrel on Sunday.
Leading depots such as Sahara, Shellplux, and others have adjusted their petrol prices to between N950 and N960 per litre, compared to last week when it was sold for N907 to N912 per litre.
Similarly, diesel prices experienced a slight increase. Depots such as Matrix Warri and NIPCO raised their rates by N72 to N100 per litre, while Stockgap Depot increased its loading price from N1,080 to N1,150 per litre. Additionally, other depots were not left out, with their prices rising from N1,050 to N1,150 per litre.
Data released by the Major Energy Marketers Association of Nigeria (MEMAN) in December last year indicated that the landing cost of petrol was N887.51 per litre, but the recent rise in crude oil prices is likely to further increase the fuel landing cost in the coming days.
The Nigerian National Petroleum Company Limited (NNPCL) and Dangote Refinery had announced depot petrol price reductions last December, which resulted in healthy competition and a price war among filling stations across Nigeria.