Fresh petrol price hike looms as depot rates hit N1,900 despite NNPC hike

Petrol depot prices have surged across Lagos, Port Harcourt, Warri and Calabar, raising concerns that Nigerians could face further increases in pump prices.

According to Vanguard, NIPCO raised its Premium Motor Spirit price in Port Harcourt by N170 to N1,900 per litre from N1,730, while six other depots increased their prices to the same level.

In Lagos, depot prices rose to between N1,350 and N1,360 per litre, while Matrix increased its Calabar price to N1,370. Several Warri depots also raised petrol to N1,360.

At retail stations, NNPC sold petrol at N1,360 per litre in Lagos, while MRS sold at N1,338 and independent marketers charged up to N1,400.

Diesel prices also climbed, reaching N1,900 per litre at Rain Oil and Matrix depots in Warri.

Petroleumprice.ng CEO Olatide Jeremiah said: “Despite domestic issues and development in Nigeria, the downstream sector would continue to respond or react to developments at the global oil market.”