Nigerians to expect rise in petrol prices following new depot costs
Nigerians may face another hike in petrol prices as depot loading costs for petrol and diesel increased sharply on Monday.
Brent crude oil, the international benchmark, rose to $79.76 per barrel on Sunday, triggering adjustments in petrol prices at major depots, including Swift, Wosbab, Sahara, and Shellplux. Petrol now loads at ₦950 to ₦960 per litre, up from last week’s range of ₦907 to ₦912 per litre.
Diesel prices also saw a steep increase. Depots like Matrix Warri and Nipco raised rates by ₦72 to ₦100 per litre, while Stockgap depot adjusted its price from ₦1,080 to ₦1,150 per litre, and Ibeto moved from ₦1,050 to ₦1,150 per litre.
According to data from the Major Oil Marketers Association of Nigeria, the landing cost of petrol as of December 19, 2024, stood at ₦887.51 per litre. However, the rising price of crude oil is expected to push the landing cost even higher.
Read also: Marketers predict fuel price drop as Warri refinery resumes production
Recent weeks have brought relief to Nigerians with a slight reduction in petrol prices, following ex-depot price cuts announced by Dangote Refinery and the Nigerian National Petroleum Company Limited (NNPCL). Retail prices dropped from ₦935 to ₦965 per litre, down from ₦1,040 per litre.
Currently, petrol prices range between ₦935 and ₦1,100 per litre nationwide.
If the new increases take effect, it is expected to drive up the already high cost of goods and services, further straining household budgets.
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