New Pump Price Expected at Filling Stations As Depots Sell Petrol to Marketers at New Rate
- Oil marketers are buying petroluem products at new prices, which could lead to changes in fuel prices at filling stations
- The hike in depot prices is attributed to the global rise in crude oil prices, with Brent crude reaching $80 per barrel
- In recent weeks, petrol prices at filling stations have been below N1,000 at major outlets, but this is about to change
Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
Fuel prices at filling stations are now expected to rise as oil marketers in Nigeria face higher costs to load Premium Motor Spirit (PMS) and other refined petroleum products.
The change is due to a sharp increase in global crude oil prices as Brent crude hit $80 per barrel.
Source: Getty Images
Punch reports that operators of oil depots have adjusted their ex-depot petrol prices, selling at N950 per litre from N907.
Change in petrol prices
Wosbab Depot raised its price to N950 per litre from N909, while Sahara Depot made a similar adjustment to N950 from N910, as recorded last Friday.
Shellplux, a private depot, increased its loading costs to N960 per litre, up from N908, while Chipet Depot now charges retailers N960 per litre, compared to N908 last Friday.
NIPCO depot raised its price by N38, moving from N912 to N950 per litre, while Matrix Warri Depot adjusted its cost from N925 to N945 per litre.
Changes in diesel prices
A similar trend is observed for diesel, with several depots implementing significant price hikes. Stockgap Depot raised its price from N1,080 to N1,150 per litre, while Ibeto Depot approved an increase from N1,050 to N1,150.
Business Hallmark also reported that Sahara Depot adjusted its diesel price, moving from N1,045 last week to N1,150 per litre.
Nipco Depot increased its price to N1,150 from N1,120, and Optima Depot approved a N72 hike, raising its price to N1,120 per litre from N1,048.
Filling stations adjust prices
The increase in the cost of ex-depot prices could lead to changes in petrol prices in the country.
Legit.ng observed that various filling stations currently sell fuel between N935 and N1,050.
A fuel attendant at Mobil filling stations, who gave her name as Ugoma, told Legit.ng:
"We are currently selling at N950 per litre. For now, we don't know if it will change, as there is no instruction yet from the management."
NNPC is, however, still selling at N890 per litre.
MRS filling station, in a message posted on January 10, said:
"We may be divided by location, but our price remains unchanged. Wherever you are in Nigeria, our fuel pump price is available at N935/litre."
Filling station owners move to sell fuel priced at N200
Legit.ng reports that the Independent Petroleum Marketers Association of Nigeria (IPMAN) are asking the federal government for support to be able to sell CNG fuel across the country
The lack of enough CNG stations has slowed Nigerians' pace of vehicle conversion.
CNG is priced at N200 per Standard Cubic Meter, which is far cheaper than paying N1,000 per litre for petrol.
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Source: Legit.ng
