Another fuel price hike coming as depots sell petrol @ N950/litre

Another fuel price hike coming as depots sell petrol @ N950/litre

A fresh increase in the pump price of petrol is imminent following the latest rise in the cost of crude oil in the international market.

Already, owners of depots have jacked up the loading cost of Premium Motor Spirit (petrol) and other refined petroleum products, newstrends has learnt.

A report by The PUNCH on Tuesday stated that marketers had raised petrol and diesel prices at depots by N43 or 4.74 per cent due to the rising crude oil prices.

The cost of Brent, the global benchmark for crude, was put at $79.76 per barrel on Sunday.

There are indications that filling stations nationwide may adjust their pump prices to reflect the new costs of refined products.

Reports on Monday showed that Swift depot had increased its loading price to N950 per litre from N907 last Friday.

Wosbab Depot increased its price to N950 from N909, while Sahara Depot made a similar change to N950 from the N910 it sold a litre of petrol last Friday.

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Also, a private depot, Shellplux, increased its loading costs to N960 from N908. Chipet Depot asked retailers to pay N960 per litre to receive products. It sold at N908 per litre last week Friday.

Nipco Depot increased its price by N38 from N912 to N950 while the Matrix Warri Depot increased its cost from N925 per litre to N945.

Our correspondent also gathered that marketers who picked products from the Dangote refinery and resell to other retailers increased their costs to N923 per litre despite picking products from the refinery at N899 per litre.

For diesel, some loading depot prices including Stockgap depot increased its price from N1,080 to N1,150. Ibeto Depot approved an increase from N1,050 to N1,150 per litre. Sahara Depot sold its product at N1,150 from N1,045 last week.

Nipco Depot increased its price to N1,150 from N1,120 while Optima Depot approved a N72 increase to N1,120 per litre from N1,048.

The average increase in depot prices for PMS stands at approximately 7-10 per cent while AGO prices have surged by 5-10 per cent, depending on the depot and location, according to The PUNCH report.

 

Another fuel price hike coming as depots sell petrol @ N950/litre