By Suleiman Ibrahim.
There are strong indications of an imminent hike in petrol prices across Nigeria following a significant increase in loading costs at depots on Monday.
The rise in loading costs comes amidst a surge in Brent crude oil prices, which reached $79.76 per barrel on Sunday.
Prominent depots, including Swift, Wosbab, Sahara, and Shellplux, have adjusted their petrol prices to between N950 and N960 per litre, up from last week’s range of N907 to N912 per litre.
Diesel prices have also witnessed a sharp increase. Depots such as Matrix Warri and Nipco have raised rates by N72 to N100 per litre.
Stockgap depot increased its loading depot price from N1,080 to N1,150, while Ibeto approved an increase from N1,050 to N1,150 per litre.
According to data from the Major Energies Marketers Association of Nigeria (MOMAN) on December 19, 2024, the landing cost of petrol stood at N887.51 per litre. However, the recent rise in crude oil prices is likely to push the landing cost higher in the coming days.
In recent weeks, petrol prices had shown a downward trend. Last year, the Dangote Refinery and the Nigerian National Petroleum Company Limited (NNPCL) announced a reduction in ex-depot petrol prices, leading to a drop in retail prices from N1040 per litre to between N935 and N965 per litre.
Currently, Nigerians purchase petrol at prices ranging from N935 to N1,100 per litre nationwide.
A further increase in petrol prices is expected to have a significant impact on the prices of goods and services, which are already at elevated levels.
