Petrol price hike imminent over increase at depots

The loading costs of petrol and diesel at depots increased across Nigeria on Monday, January 13, 2025, following escalating global crude oil prices.

The increase in fuel prices at the depots has sparked fresh concerns about imminent hikes at fuel stations nationwide.

Brent crude oil, the international benchmark, increased to $79.76 per barrel on Sunday as prominent depots, including Swift, Wosbab, Sahara, and Shellplux, adjusted their petrol prices to between N950 and N960 per litre, compared to last week’s range of N907 to N912 per litre.

Diesel prices also witnessed a steep rise, with depots such as Matrix Warri and Nipco increasing rates by N72 to N100 per litre.

IPMAN to Nigerians: We have enough fuel, avoid panic buying

Marketers sourcing products from the Dangote refinery equally raised petrol prices from N899 to N923 per litre, reflecting the broader market trend.

Industry analysts estimated that petrol depot prices have increased by 7-10%, while diesel prices surged by 5-10%, depending on the location.

These adjustments are expected to influence retail pump prices in the coming weeks, intensifying the financial burden on consumers.

Experts caution that ongoing volatility in global crude oil markets and depot pricing could further strain Nigeria’s economy and household budgets, stressing the need for proactive regulatory measures to stabilise the sector.

The Star