Marketers Release New Petrol Prices as Crude Oil Surges Above $107

• Nigerian petroleum marketers published fresh depot prices on Thursday, September 10, as Brent crude climbed sharply above $107 per barrel
• Dangote Refinery held its petrol price at N1,266 per litre, though some depots in Warri were quoting as high as N1,285
• Diesel prices came under stronger pressure, with one Port Harcourt depot quoting as high as N2,100 per litre

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

Nigerian petroleum marketers have released new wholesale petrol prices as international crude oil prices climb sharply, raising concerns about the cost of restocking products in the downstream market.

Market data collected on Thursday, September 10, showed largely stable petrol prices at most depots across Lagos, Port Harcourt, Calabar, and Warri, even as Brent crude surged above $107 per barrel, an increase of roughly 8% in four days.

West Texas Intermediate also crossed $101 per barrel amid global supply concerns.

Petrol Prices Hold Steady in Lagos

In Lagos, Dangote Petroleum Refinery kept its pump price at N1,266 per litre. MRS held at N1,267, while Pinnacle quoted N1,273. A.A. Rano edged up slightly from N1,270 to N1,272 per litre.

The Lagos market remains below the N1,300 per litre mark that marketers are increasingly using as a benchmark when calculating future replacement costs.

In Port Harcourt, several operators trimmed their prices marginally. Liquid Bulk and Masters both moved to N1,267 per litre, while Stockgap dropped to N1,268 and T.S.L fell to N1,267.

Matrix, however, held firm at N1,285 per litre.

Warri recorded a mixed picture. Matrix and Prudent both stayed at N1,285 per litre, while Nepal rose from N1,270 to N1,275. Rain Oil recorded one of the sharpest single-day cuts, dropping its price by N20 from N1,300 to N1,280 per litre.

Diesel Faces Sharper Upward Pressure

Petrolumprice.ng reports that, unlike petrol, diesel prices showed more significant movement. In Lagos, Ibeto raised its AGO price by N160 to N1,950 per litre, while Nipco also moved up to N1,950.

Dangote Refinery and Eterna held their diesel prices at N1,850 per litre.

In Port Harcourt, Sahara was quoting diesel at N2,100 per litre, the highest figure recorded in the latest data.

In Warri, Matrix priced AGO at N2,000 per litre, while Prudent and Rain Oil quoted N1,900. Zamson also raised its diesel price from N1,860 to N1,900 per litre.

Rising Crude Prices Squeeze Replacement Margins

The surge in global crude prices has shifted attention from the cost of products already in storage to the price at which those volumes can be replaced.

The landing cost of petrol has climbed to about N1,311 per litre, adding further strain on operators selling at current depot rates.

Marketers are now using N1,300 per litre for petrol and N2,000 per litre for diesel as informal reference points when assessing their next round of purchases.

If crude prices remain elevated, operators could face tighter margins as they return to the market to replenish stock.

NNPC increases petrol price

Earlier, Legit.ng reported that the Nigerian National Petroleum Company Limited (NNPCL), alongside other fuel retailers in Abuja, raised the pump price of Premium Motor Spirit (PMS), popularly known as petrol.

Checks showed that a number of filling stations had reviewed their petrol prices upwards.

The adjustment has pushed up the cost of petrol in parts of Abuja, leaving motorists paying more than they did previously at several filling stations.