Petrol hits N1,370/litre as depot prices rise

By Udeme Akpan

The pump price of Premium Motor Spirit (PMS), popularly known as petrol, has risen to N1,370 per litre in Lagos, following fresh increases in depot prices across major supply locations.

Checks by Vanguard on Tuesday showed that MRS and NNPC filling stations sold petrol at N1,360 per litre, while Mobil sold at N1,349. Some independent marketers sold at between N1,365 and N1,370, depending on location.

The increase followed sharp movements in depot prices, particularly in Lagos, where A.A. Rano raised its PMS price by N75 to N1,295 per litre, while African Terminal, Aiteo and Integrated increased their prices to about N1,300.

NIPCO also raised its price by N55 to N1,305, while Dangote’s price edged up by N3 to N1,303. MRS retained its depot price at N1,310.

In Port Harcourt, Matrix increased its PMS price by N15 to N1,300 per litre, while Bulk Strategic, Masters and T.S.L remained at N1,300.

Warri also recorded increases, with A.Y.M. Shafa and Matrix raising their prices by N17 each to N1,300, while Parker moved up by N15 to the same level.

Calabar recorded higher PMS prices, with Fynefield and Northwest at N1,360 per litre.

Meanwhile, Automotive Gas Oil (AGO), or diesel, recorded mixed movements.

In Lagos, WOSBAB cut its AGO price by N21 to N1,809 per litre, while Bulk Strategic reduced its price by N15 to N1,835. Rain Oil and Dangote also reduced their prices to N1,850 and N1,823 respectively.

In Warri, Matrix and Rain Oil cut their AGO prices by N5 each to N1,835 per litre, while Edo Refinery, NIPCO and Prudent retained theirs at N1,840.

The latest figures point to continued volatility in the downstream market as changes in depot prices filter through to retail outlets.

“To safeguard port integrity and vessel safety, all maritime operators, terminal users, and personnel must utilise authorised reporting protocols immediately upon detecting any security incident or anomaly,” the agency stated.

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