Petrol may soon cost more at filling stations after depot prices jumped as high as N1,290 a litre in major hubs, following a fresh rise in international crude oil prices.
Mid-day depot figures showed sharp increases in Lagos, Calabar, Port Harcourt and Warri. In Calabar, Mainland and Soroman depots moved to N1,290, up N87 from N1,203. Matrix also listed N1,290 after an N86 increase, while Sobaz went up N80 to N1,285.
In Lagos, the Dangote Refinery raised petrol from N1,200 to N1,266, an N66 increase. Pinnacle matched that N1,266 move from N1,201. African Terminal and Integrated both added N67 to reach N1,268. Some independents moved further: Masters rose N75 to N1,285, while Liquid Bulk, Sigmund and T.S.L each added N63 to N1,278.
The pressure is linked to stronger global oil prices after tensions in the Middle East. Brent crude futures closed around $90.49 a barrel on Tuesday, up 2.71 per cent after renewed military exchanges between the United States and Iran. Higher crude costs raise the replacement price of imported petrol and can feed into what local refiners and marketers charge.
Marketers are expected to review pump prices if depot rates stay elevated. That would lift transport and logistics costs, and raise running expenses for businesses that still rely on petrol and diesel for power.
Reports says checks found MRS, taking product from the Dangote Refinery, selling at N1,310 a litre, while others charged between N1,350 and N1,400. The latest depot jump comes days after concern over the gap between international crude prices and what depots were charging at home.
