- Crude Oil Influence: Rising Brent crude prices drive depot increases.
- Pump Price Alert: Fuel costs at filling stations set to climb.
- Expert Insight: Industry warns of prolonged instability.
The cost of Premium Motor Spirit (PMS) and other refined petroleum products at depots surged on Monday, reflecting the rising price of Brent crude, the global oil benchmark. Marketers increased depot prices by up to 4.74%, causing ripples in the downstream petroleum sector.
According to Depot data by The PUNCH, that Swift, Wosbab, Sahara, Shellplux, and Chipet depots raised their loading prices for petrol to N950–N960 per litre, compared to N907–N910 last week. Similarly, Matrix Warri Depot adjusted its rate to N945 from N925, while Nipco Depot increased its price by N38 to N950 per litre.
Diesel prices were also affected. Stockgap Depot increased its rate from N1,080 to N1,150, and Ibeto Depot adjusted prices from N1,050 to N1,150 per litre. Sahara Depot followed suit, raising its cost to N1,150 from N1,045, while Optima Depot hiked prices by N72 to N1,120.
This price movement mirrors the steady rise in Brent crude, which hit $79.76 per barrel on Sunday. Industry experts anticipate that filling stations nationwide will adjust pump prices to align with these changes.
Olatide Jeremiah, CEO of petroleumprice.ng, emphasized the correlation between global oil prices and local pump prices, noting, “As Brent crude nears $80, depot prices are bound to rise. This upward trend could further elevate fuel costs, especially diesel.”
Bayo Adelaja, another marketer, echoed these concerns. “The sharp escalation in depot rates directly impacts pump prices. Consumers should brace for fluctuations in the coming weeks,” he warned.
With depot prices showing no signs of stabilizing, stakeholders are urging the implementation of long-term strategies to cushion consumers and the economy from the volatility of the global oil market.
