Despite a fall in global crude oil prices, petrol (Premium Motor Spirit) has risen to an average of ₦1,212 per litre from ₦1,158, a 4.7 per cent jump that has sparked fresh concern across the country.
Brent crude, the international benchmark, closed at $88.42 per barrel yesterday, down from $88.60. The OPEC basket, which includes Nigeria’s Bonny Light, also dropped to $90.28 per barrel from above $94.
Checks by this newspaper showed that MRS, NNPC Retail and Ardova raised pump prices to ₦1,205 from ₦1,125. Mobil moved to ₦1,215 from ₦1,209, while BOVAS adjusted to ₦1,217 from ₦1,210.
A mid-day depot price report revealed sharp disparities. Twelve depots, mostly in Port Harcourt, recorded the highest rates, with some quoting between ₦1,668 and ₦1,735 per litre.
Prudent Depot topped the list at ₦1,735, followed by Zamson (₦1,730), Rain Oil (₦1,730) and NEPAS (₦1,732). Others in the high band included GulfTreasure (₦1,680), Duport, IbaChem, Ibeto (all ₦1,668), Integrated, Menj and TMDK (₦1,670).
In Lagos, prices stayed more moderate. MRS led at ₦1,207 (up ₦15), while Pinnacle, NIPCO, BONO and Pivot hovered around ₦1,203. Dangote Refinery quoted ₦1,200 at the gantry after a ₦15 increase from ₦1,185.
Diesel (AGO) showed mixed movement, with some Port Harcourt depots recording declines. Pivot, for instance, cut from ₦1,750 to ₦1,670.
The wide gap between Lagos and Port Harcourt underscores how logistics, location and supply conditions continue to shape landing costs and, ultimately, pump prices.
An energy analyst, who asked not to be named, linked the price movement more to the structure of the domestic market than to global crude trends. “The 700,000 barrels-per-day Dangote Refinery is huge and currently controls about 80 per cent of domestic supplies. That is why the market responds to its actions,” he said.
A source within the Major Energies Marketers Association of Nigeria (MEMAN) explained that marketers are still recovering losses from previous volatility. “Prices will come down gradually because operators are trying to recoup what they lost over the last 18 months. When prices fall, losses hit the entire supply chain. So adjustments are made carefully.”
Former 11 Plc Managing Director, Adetunji Oyebanji, advised government against any return to fuel subsidy. He urged targeted support for public transport (including BRT), healthcare and education instead.
“You can imagine the burden if we were still selling at ₦300 while the product is now ₦1,200. More money is reaching federal and state governments; it should be felt by ordinary Nigerians through better services and wider cash transfers.”
In a statement issued last night, Dangote Petroleum Refinery expressed worry over the ongoing issuance of import licences. It noted that imported petrol accounted for about 43 per cent of supply in July, creating uncertainty for local production and inventory planning.
The refinery said it has maintained adequate stocks to meet domestic demand but faces high carrying costs when import volumes remain unclear. Surplus product is therefore being exported to regional markets, not because local needs cannot be met, but to avoid unnecessary storage and financing expenses.
Management reiterated its readiness to supply more than Nigeria’s requirements and called for greater transparency on import volumes to allow efficient market operations.
The latest price developments leave motorists and businesses counting costs even as crude softens on the international market.
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