According to Vanguard, NIPCO increased its petrol price in Port Harcourt by ₦170, from ₦1,730 to ₦1,900 per litre. African Terminal, Ascon, Eterna, Gulf Treasure, Ibachem and Ibeto also raised their rates from ₦1,750 to ₦1,900 per litre.
Duport and Integrated increased their prices by ₦56 to ₦1,806 per litre.
In Lagos, Masters, Sigmund, T.S.L and NIPCO adjusted their depot prices to ₦1,350 per litre, while Matrix raised its rate to ₦1,360. Matrix also increased its price in Calabar to ₦1,370 per litre.
In Warri, Keonamex, Matrix, Nepal, Parker and Optima adjusted their petrol prices to ₦1,360 per litre.
At the retail level, the Nigerian National Petroleum Company Limited (NNPC) sold petrol for ₦1,360 per litre in Lagos and surrounding areas. MRS Oil and 11 Plc sold the product at ₦1,338 and ₦1,338.80 per litre, respectively, while independent marketers charged between ₦1,368 and ₦1,400, depending on location.
The increases came amid rising international oil prices, with Brent crude trading at $104.50 per barrel and the United States benchmark, West Texas Intermediate (WTI), climbing to $91.73.
The rise in diesel costs could also increase operating expenses for manufacturers, transport operators and businesses that rely on diesel-powered generators and transportation.
Speaking to Vanguard, Chief Executive Officer of petroleumpriceng, Olatide Jeremiah, said the domestic downstream sector would continue to respond to developments in the international oil market.
“Despite domestic issues and development in Nigeria, the downstream sector would continue to respond or react to developments at the global oil market,” he said.
However, the different movements in crude oil benchmarks suggest that international prices alone may not fully explain domestic fuel price changes, as supply conditions, transportation costs and marketers’ pricing decisions can also influence depot and pump prices.
Post a Comment