The cost of Premium Motor Spirit (PMS) and diesel at loading depots saw a significant increase on Monday, with depot owners raising prices by ₦43 per litre, a 4.74% hike. This surge comes amidst rising crude oil prices, as Brent crude, the global benchmark, hit $79.76 per barrel on Sunday.
Depot pricing data revealed notable changes across several facilities. Swift Depot increased its petrol loading price to ₦950 per litre from ₦907 recorded last Friday. Similarly, Wosbab and Sahara depots adjusted their prices to ₦950 from ₦909 and ₦910, respectively. Private depots, such as Shellplux and Chipet, raised their rates to ₦960 from ₦908 per litre.
Nipco Depot increased its price by ₦38 to ₦950, while Matrix Warri Depot adjusted its price from ₦925 to ₦945. Additionally, marketers sourcing products from Dangote Refinery have raised resale prices to ₦923 per litre, despite purchasing at ₦899.
Diesel prices have also surged. Stockgap Depot increased its rates from ₦1,080 to ₦1,150 per litre, while Ibeto and Sahara depots now sell at ₦1,150 per litre, up from ₦1,050 and ₦1,045, respectively. Nipco Depot adjusted its diesel price to ₦1,150, and Optima Depot raised prices to ₦1,120 per litre, reflecting an average increase of 7–10% for petrol and 5–10% for diesel across depots.