Depots Hike Petrol Prices, Release New Rates Nationwide
- Depots across Lagos, Warri, Port Harcourt and Calabar released new loading prices following Dangote Refinery's shift to dollar-denominated sales
- Depot petrol prices climbed by as much as N118 per litre during the week as retail pump prices increased at filling stations
- The federal government entered into active talks with the Dangote Refinery and key regulators over a possible return to naira-denominated transactions
Petroleum product depots across Nigeria have released revised petrol loading rates, with prices jumping by as much as N118 per litre during the week, following Dangote Refinery's decision to price refined products in United States dollars.
The refinery's shift to dollar-denominated sales of Premium Motor Spirit (PMS), Automotive Gas Oil (AGO) and Aviation Turbine Kerosene (ATK) has pushed up replacement costs for marketers.
This shift reacted across the supply chain, compelling private depots in Lagos, Warri, Port Harcourt and Calabar to update their loading prices accordingly.
Source: Getty Images
New depot prices across Nigeria
Petroleumprice.ng shared the latest loading prices for petrol released by depots, which showed new rates across locations.
Lagos depots:
- Pinnacle: N1,085 to N1,190 (+N105)
- African Terminal: N1,090 to N1,189 (+N99)
- Sahara: N1,090 to N1,189 (+N99)
- Integrated: N1,090 to N1,189 (+N99)
- Lister: N1,090 to N1,200 (+N110)
Warri depots:
- Rain Oil: N1,130 to N1,240 (+N110)
- Matrix: N1,120 to N1,220 (+N100)
- Parker: N1,125 to N1,220 (+N95)
- Optima: N1,117 to N1,235 (+N118)
- A.Y.M Shafa: N1,125 to N1,230 (+N105)
Port Harcourt depots:
- Bulk Strategic: N1,136 to N1,225 (+N89)
- Masters: N1,137 to N1,230 (+N93)
- Matrix: N1,137 to N1,225 (+N88)
- Liquid Bulk: N1,140 to N1,225 (+N85)
Calabar depots:
- Mainland: N1,155 to N1,220 (+N65)
- Jenny: N1,155 to N1,225 (+N70)
Source: Getty Images
Government talks under way as market watches
Industry stakeholders cautioned that retail pump prices at filling stations could rise in the coming days if marketers choose to transfer the higher acquisition costs to consumers.
Meanwhile, negotiations are ongoing between the Nigerian National Petroleum Company Limited (NNPCL), the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and Dangote Refinery over a potential return to naira-denominated transactions.
The talks follow uncertainty surrounding the continuation of the federal government's naira-for-crude arrangement.
Market analysts said depot prices are likely to remain at the current level or continue to rise for as long as marketers continue to source products based on dollar replacement costs.
They noted that a successful outcome from the ongoing government negotiations could relieve pressure on marketers and help bring prices down in the downstream sector.
Filling stations release fresh petrol prices as Dangote
Earlier, Legit.ng reported that Nigerian filling stations began adjusting petrol pump prices after recent increases in ex-depot and ex-gantry rates by Dangote Refinery and other fuel depot operators, signalling the likelihood of higher fuel costs for motorists in the coming days.
The price changes came after Dangote Refinery raised its ex-gantry petrol price by N44 per litre, from N1,076 to N1,120, following its decision to adopt dollar-denominated pricing for petroleum products.
The increase started reflecting at some retail outlets, although the adjustments remained gradual.
Proofreading by Funmilayo Aremu, copy editor at Legit.ng.
Source: Legit.ng
