- Petrol prices at private depots across Nigeria recorded mixed movements, with some marketers increasing prices while others reduced rates
- New depot data showed ex-depot petrol prices ranging from N1,200 per litre to above N1,319, depending on the location and company
- The current price of petrol has become a huge burden for Nigerians, increasing transportation costs across the country
Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, the stock market, and general market trends.
Fresh ex-depot petrol prices have been announced across private depots in Nigeria, with mixed adjustments by oil marketers amid ongoing volatility in the downstream sector.
Data obtained on Monday, May 11 revealed that several depots reviewed their petrol loading prices upward, while others implemented slight reductions.
Photo: Nurphoto
Source: Getty Images
Depots adjust petrol prices
Depotdata reports that Prudent Energy added N45 to their pump price, and they now sell for N1,285/ litre, while both AA Rano and Aipec increased prices by a marginal amount of 50kobo to sell at N1,286/ litre.
The depot price of Bova’s oil was increased by N14.5 and sells for N1,285/litre, while Mobil Oil Nigeria, which has one of the steepest increases among the oil marketers added N75.5 to its depot price of N1,281/ litre.
However, Jenco had the biggest increase with N499 as it now sells at N1,309 / litre.
On the other hand, some of the depots actually dropped prices; Nipco Plc Apapa, Pinnacle oil & Gas dropped prices by N36, it now sells for N1,285/litre and N1,280 /litre respectively.
Photo: Nurphoto
Source: Getty Images
Masters Energy and Soroman dropped their prices by N15 and N25 respectively and they both sell at N1,305/litre and N1,300/litre respectively. Rain Oil and Matrix Energy Warri both dropped prices by N10 to sell at N1,290/litre.
Dangote Refinery had a price drop of 50kobo to sell at N1,283/ litre.
Sahara Apapa had a slight price decrease to N1,294/litre, while other marketers that recorded marginal drops were: Liquid Bulk, Stockgap, Bulk Strategic Terminal, Avidor, Sobaz Oil & Gas and North west Petroleum.
FG grants import license
Legit.ng earlier reported that marketers are preparing to receive no fewer than 164,000 metric tonnes of imported petroleum products across major ports, despite claims that the Dangote Petroleum Refinery can meet most of the country’s fuel demand.
The incoming cargoes, made up of petrol and diesel, are expected to strengthen supply across the country and provide fresh competition for the refinery owned by Aliko Dangote, especially after recent adjustments in ex-depot fuel prices.
The shipments include 82,000 metric tonnes of Automotive Gas Oil (AGO), also known as diesel, and 81,882 metric tonnes of petrol.
Four diesel vessels are billed for the Kirikiri Lighter Terminal (KLT) in Lagos. The vessel HUDSON arrived at KLT Phase 2 on May 8 carrying 25,000 metric tonnes of diesel, while ALINDA berthed at KLT Phase 3A the same day with 10,000 metric tonnes.
Source: Legit.ng