Petrol Price Rises to N1,370 Per Litre in Lagos as Depot Costs Surge

The pump price of Premium Motor Spirit (PMS), popularly known as petrol, has increased to N1,370 per litre in Lagos following fresh upward adjustments in depot prices across major fuel supply locations in the country.

A market survey conducted on Tuesday showed that MRS and Nigerian National Petroleum Company (NNPC) filling stations sold petrol at N1,360 per litre, while Mobil retail outlets dispensed the product at N1,349 per litre.

Some independent petroleum marketers, however, sold petrol at prices ranging between N1,365 and N1,370 per litre, depending on their locations.

The latest increase followed significant adjustments in depot prices, particularly in Lagos, where several petroleum marketers raised their selling rates.

A.A. Rano increased its petrol price by N75 to N1,295 per litre, while African Terminal, Aiteo and Integrated adjusted their prices to approximately N1,300 per litre.

Similarly, NIPCO raised its depot price by N55 to N1,305 per litre, while Dangote increased its price slightly by N3 to N1,303 per litre. MRS, however, maintained its depot price at N1,310 per litre.

In Port Harcourt, Rivers State, Matrix increased its petrol price by N15 to N1,300 per litre, while Bulk Strategic, Masters and T.S.L retained their prices at the same level.

The upward movement was also recorded in Warri, Delta State, where A.Y.M. Shafa and Matrix raised their prices by N17 each to N1,300 per litre. Parker also increased its price by N15 to N1,300 per litre.

Meanwhile, Calabar, Cross River State, recorded relatively higher depot prices, with Fynefield and Northwest selling petrol at N1,360 per litre.

In the diesel market, prices of Automotive Gas Oil (AGO) recorded mixed movements across different locations, with some depots reducing their rates.

In Lagos, WOSBAB reduced its diesel price by N21 to N1,809 per litre, while Bulk Strategic lowered its rate by N15 to N1,835 per litre.

Rain Oil and Dangote also adjusted their diesel prices downward to N1,850 and N1,823 per litre, respectively.

In Warri, Matrix and Rain Oil reduced their diesel prices by N5 each to N1,835 per litre.

However, Edo Refinery, NIPCO and Prudent maintained their diesel prices at N1,840 per litre.

The latest developments highlight continued fluctuations in Nigeria’s downstream petroleum market, as changes in depot prices increasingly influence the cost of fuel at retail outlets.

The rising petrol prices are expected to further increase pressure on motorists, transport operators, businesses and households already grappling with high operating and living costs.

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