Petrol Prices Rise by N60 at Lagos Depots as Diesel Falls, Brent Crude Drops 4.85 Per Cent
- Petrol prices rose by an average of N41.43 per litre at comparable Lagos depots, with some hikes reaching N60
- Diesel prices fell across several depots, dropping by an average of N33.12 per litre in Lagos
- Brent crude ended the week lower, but local supply and pricing conditions continued to drive Nigeria’s depot prices
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Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
Petrol prices climbed by as much as N60 per litre across major depots in Lagos during the week, while diesel prices declined in several locations, offering some relief to businesses and consumers dependent on the product.
The contrasting movements were recorded across Lagos, Warri and Port Harcourt between Monday and Friday, despite a decline in international crude oil prices.
Source: Getty Images
Market data showed that the average petrol price at seven comparable Lagos depots increased by N41.43 per litre, while diesel declined by N33.12.
The developments highlight the differing pricing pressures affecting Nigeria's downstream petroleum market, where international crude movements, domestic supply conditions and marketers' costs continue to influence prices.
Lagos depots record sharp petrol increases
Lagos recorded some of the steepest petrol price increases during the review period, with African Terminal, Integrated and A.A. Rano raising their rates by N60 per litre each.
The three depots increased their prices from N1,220 on Monday to N1,280 per litre on Friday.
Aiteo adjusted its price from N1,221 to N1,277, representing a N56 increase, while Rain Oil raised its rate by N55 to N1,280.
Nipco increased its price by N29 to N1,279, while MRS Tincan bucked the trend, reducing its rate by N30 from N1,310 to N1,280.
Overall, the average petrol price across the seven depots rose from N1,238 to N1,279.43 per litre.
Diesel prices fall across Lagos depots
Unlike petrol, diesel prices declined across most comparable Lagos depots.
Wosbab recorded the biggest reduction, cutting its price by N60 from N1,830 to N1,770 per litre.
Gulf Treasure, African Terminal, Integrated, Duport, T.Time and Ascon each reduced their prices by N35 to N1,765.
However, Nipco maintained its diesel price at N1,850 per litre.
The average diesel price consequently declined from N1,810 to approximately N1,776.88 per litre, a reduction of N33.12.
Warri, Port Harcourt record mixed movements
A similar trend emerged in Warri, where petrol prices increased while diesel became cheaper.
Matrix and A.Y.M Shafa raised their petrol prices by N17 to N1,300 per litre, while Parker increased its rate by N15 to the same level.
The average petrol price consequently climbed by N16.33 to N1,300.
Diesel prices moved in the opposite direction, with Matrix and Nipco reducing their rates by N40 each to N1,800, according to a report by PetroleumPriceNG.
Rain Oil and Edo Refinery also implemented N20 reductions, bringing their prices to N1,810 and N1,820, respectively.
In Port Harcourt, Masters increased its petrol price by N45 to N1,325, while Bulk Strategic reduced diesel by N35 to N1,815.
Brent crude falls despite late recovery
Meanwhile, international crude oil prices experienced significant fluctuations during the week.
Brent crude declined from $104.77 per barrel on Monday to $99.69 on Friday, representing a $5.08 drop, or approximately 4.85%.
West Texas Intermediate also recorded midweek losses before recovering towards Friday's close.
Source: Getty Images
Despite the late rebound, both benchmarks ended below their Monday opening levels.
The divergence between falling crude prices and rising domestic petrol depot rates suggests that local supply and pricing conditions remain important influences.
Attention will now shift to Dangote Refinery's pricing decisions, crude market developments and depot supply conditions as marketers assess the outlook for petrol and diesel prices.
Filling stations release new petrol prices
Legit.ng earlier reported that petrol prices have climbed to as high as N1,370 per litre in Lagos, piling fresh pressure on motorists and households following another round of price adjustments by depot operators across Nigeria.
The latest increases have forced major filling stations, including the Nigerian National Petroleum Company Limited (NNPCL), MRS and Mobil, to review their pump prices as marketers grapple with rising supply costs.
Source: Legit.ng
