BREAKING: Fuel price hits ₦960 per litre

The cost of loading Premium Motor Spirit (PMS) and other refined petroleum products at depots rose sharply on Monday, sparking concerns over potential pump price hikes nationwide.

This increase, driven by higher crude oil prices, has seen depot prices for petrol and diesel climb by ₦43 or 4.74%. Brent crude, the global benchmark, reached $79.76 per barrel on Sunday, contributing to the surge.

Several depots have adjusted their petrol prices. Swift Depot increased its loading price from ₦907 to ₦950 per litre, while Wosbab Depot also moved its price to ₦950 from ₦909.

Sahara Depot made a similar adjustment, raising its rate from ₦910 to ₦950 per litre. Private depots like Shellplux and Chipet have implemented steeper hikes, increasing their prices from ₦908 to ₦960 per litre. Nipco Depot raised its price from ₦912 to ₦950, and Matrix Warri Depot adjusted its rate from ₦925 to ₦945 per litre.

Marketers purchasing from the Dangote Refinery have also raised costs, now charging ₦923 per litre after acquiring products at ₦899 per litre.

Diesel prices have seen significant increases as well. Stockgap Depot increased its price from ₦1,080 to ₦1,150 per litre, while Ibeto Depot adjusted its rate from ₦1,050 to ₦1,150. Sahara Depot moved its price from ₦1,045 to ₦1,150, with Nipco Depot following suit by increasing its rate from ₦1,120 to ₦1,150 per litre. Optima Depot recorded a ₦72 increase, moving from ₦1,048 to ₦1,120 per litre.

According to oil and gas expert Olatide Jeremiah, the rising crude oil prices are the primary factor driving these increases. He noted that as Brent crude approached $80 per barrel, selective price hikes began in some depots. Jeremiah warned that importers might raise prices further, as crude oil is a critical determinant in refining costs.

Depot rates for petrol have risen by an average of 7–10%, while diesel prices have climbed by 5–10%, depending on the depot and location. Marketers, including Bayo Adelaja, have cautioned that escalating depot prices will likely lead to further fluctuations in pump prices in the weeks ahead.

The growing cost of loading fuel highlights the strong link between global crude oil prices and domestic fuel costs, leaving consumers bracing for potential price adjustments at the pump.