Fuel Nears ₦2,000 Per Litre as Depot Prices Climb Despite NNPC Cut

Diesel depot prices climbed to ₦1,900 per litre at several facilities in Port Harcourt on Friday, raising concerns about further increases in retail prices, although some filling stations in Lagos continued selling petrol from ₦1,338 per litre.

The increases affected depots in Lagos, Port Harcourt, Warri and Calabar. Diesel prices also rose, reaching ₦1,900 per litre at two Warri depots.

The figures show different pricing conditions across locations and between wholesale and retail markets. The ₦1,900 petrol price applies to the listed Port Harcourt depots, rather than a nationwide filling-station price.

Port Harcourt Petrol Depot Prices Reach ₦1,900

NIPCO recorded the largest diesel increase among the listed Port Harcourt depots, raising its price by ₦170 per litre, from ₦1,730 to ₦1,900.

African Terminal, Ascon, Eterna, Gulf Treasure, Ibachem and Ibeto each increased their prices by ₦150, moving from ₦1,750 to ₦1,900 per litre.

Duport and Integrated raised their prices by ₦56 each, from ₦1,750 to ₦1,806 per litre.

Table: Reported Friday petrol depot prices. Differences are calculated from the listed previous and latest prices.

Lagos Filling Stations Sell Between ₦1,338 and ₦1,400

At the retail level, NNPC Limited stations in Lagos and surrounding areas sold petrol at ₦1,360 per litre.

MRS sold at ₦1,338, while 11 Plc charged ₦1,338.80. Independent marketers sold between ₦1,368 and ₦1,400, depending on location.

A motorist purchasing 50 litres would spend ₦66,900 at the reported MRS price, compared with ₦70,000 at an outlet charging ₦1,400—a difference of ₦3,100.

The price differences matter to households already managing pressure on essential spending, as reflected in The Bureau Journal’s reporting on Nigeria’s food prices and available inflation data and food price comparisons in Kogi State.

Diesel Prices Rise in Warri and Port Harcourt

Rain Oil and Matrix increased their diesel depot prices in Warri by ₦180 per litre, from ₦1,720 to ₦1,900.

In Port Harcourt, Dangote’s listed diesel price rose by ₦18 to ₦1,720, while Masters increased its price by ₦37 to ₦1,825.

Sustained increases could raise operating expenses for businesses using diesel-powered generators and vehicles, adding to the budgeting challenges discussed in our personal finance guide for Nigerians.

Global Oil Prices Show Mixed Movements

Brent crude increased to $104.50 per barrel from $104.28, while West Texas Intermediate rose to $91.73 from $91.49.

The OPEC Basket climbed to $109.50 from $108.59, and WTI Midland increased to $92.74 from $92.32. However, Murban crude declined to $108.50 from $110.49.

Natural gas rose to $3.235 from $3.168. Among refined products, gasoline fell to $3.293 from $3.316, while heating oil declined to $4.724 from $4.883. The Indian Basket increased to $121.10 per barrel from $117.63.

The mixed movements do not establish that the domestic depot increases resulted solely from the day’s crude oil gains.

Speaking to Vanguard, Petroleumprice.ng Chief Executive Officer Olatide Jeremiah said Nigeria’s downstream market remained responsive to international developments.

“Despite domestic issues and development in Nigeria, the downstream sector would continue to respond or react to developments at the global oil market,” he said.

Fuel costs remain central to the economic policy debate, including Atiku Abubakar’s proposal on domestic refining and fuel subsidy and President Bola Tinubu’s defence of his administration’s economic reforms.

For consumers, the immediate distinction is between the higher wholesale prices reported at specific depots and the prices currently displayed at filling stations. Whether the latest depot increases translate into further pump-price adjustments will depend on subsequent retail pricing decisions.