Oil Marketers Increase Petrol Prices, Dangote Reduces Rate

• Oil marketers adjusted petrol loading prices at depots across Nigeria on Thursday
• Matrix Depot in Port Harcourt recorded the steepest increase, raising its ex-depot price by N50 to N1,150 per litre
• Lagos depots remained largely stable at N1,075 per litre, widening the regional price gap with Port Harcourt and Warri

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Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

Oil marketers have increased petrol loading prices at selected depots across Nigeria as crude oil prices rise following renewed tension between the US and Iran.

The latest depot price data shows that while most marketers in Lagos maintained stable loading prices, operators in Port Harcourt and Warri implemented higher increases.

Snapshot of petrol price changes

Matrix Depot in Port Harcourt moved its Premium Motor Spirit (PMS) loading price from N1,100 to N1,150 per litre, a N50 increase that represents the largest single adjustment recorded across all monitored depots.

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Data obtained from Petroluemprice.ng that the new price places Matrix Port Harcourt N75 above the N1,075 per litre benchmark that most Lagos depots are currently holding, pointing to stronger supply-cost pressures in the South-South region.

Depots in Warri also revised prices upwards, though by smaller margins than Port Harcourt. Matrix Warri added N40 to its loading price, reaching N1,125 per litre, while Optima moved up by N20 to N1,100.

Nepal and Rain Oil adjusted their prices to N1,098 and N1,100 per litre respectively, and Prudent added N13 per litre to settle at N1,098. A.Y.M Shafa and Parker quoted N1,085 and N1,084 per litre without adjustment.

Price movement in Lagos was minimal. African Terminal and Aiteo each nudged their ex-depot prices up by N1 per litre to N1,075.

Ardova, Dangote, NIPCO, Sahara, Ascon, and Pinnacle all held firm at N1,075 per litre. Heyden quoted the lowest price among Lagos depots at N1,073 per litre.

Here is a list of petrol loading prices at depots

Lagos depots

• African Terminal: from N1,074 to N1,075 (up N1)
• Aiteo: from N1,074 to N1,075 (up N1)
• Ardova: N1,075
• Ascon: N1,075
• Dangote: N1,075 (-N1)
• Heyden: N1,073
• NIPCO: N1,075
• Pinnacle: N1,075
• Sahara: N1,075
• Port Harcourt
• Matrix: from N1,100 to N1,150 (up N50)

Warri depots

• A.Y.M Shafa: N1,085
• Matrix: from N1,085 to N1,125 (up N40)
• Nepal: from N1,080 to N1,098 (up N18)
• Optima: from N1,080 to N1,100 (up N20)
• Parker: N1,084
• Prudent: from N1,085 to N1,098 (up N13)
• Rain Oil: from N1,085 to N1,100 (up N15)

NNPC petrol prices

Earlier, Legit.ng reported that the Nigerian National Petroleum Company Limited (NNPCL) announced another reduction in the retail price of Premium Motor Spirit (PMS), marking its second price cut within two weeks.

Under the revised pricing, motorists in Lagos now buy petrol at N1,170 per litre, down from N1,210, while the price at NNPC filling stations in Abuja fell from N1,260 to N1,210 per litre.

The latest adjustment follows recent movements in global crude oil prices.