Citizens may soon face higher costs for Premium Motor Spirit (PMS), commonly called petrol, as depot charges across key distribution hubs have escalated sharply to as much as N1,290 per litre, driven by a fresh rise in global crude oil valuations.
This trend threatens to intensify the economic strain on families and commercial enterprises, with fuel distributors expected to adjust their pump rates should the recent jump in wholesale costs continue.
Yesterday’s midday depot cost summary revealed that fuel prices climbed substantially throughout Lagos, Calabar, Port Harcourt, and Warri.
Within Calabar, fuel rates touched N1,290/litre at the Mainland and Soroman facilities, jumping N87/litre from N1,203/litre.
Matrix similarly elevated its rate by N86/litre to N1,290, whereas Sobaz marked up its price by N80/litre to N1,285.
In Lagos, the Dangote Refinery raised its fuel cost by N66/litre, shifting from N1,200 to N1,266/litre.
Pinnacle likewise adjusted upward from N1,201 to N1,266, while African Terminal and Integrated boosted their rates by N67/litre to N1,268.
The surges proved more pronounced among select independent operators, with Masters elevating its rate by N75/litre to N1,285, while Liquid Bulk, Sigmund, and T.S.L increased theirs by N63/litre to N1,278.
This recent surge coincides with global crude valuations strengthening rapidly due to escalated hostilities in the Middle East.
Brent crude futures closed at roughly $90.49 per barrel on Tuesday, advancing 2.71 percent following renewed military exchanges between the United States and Iran.
Also see: NNPC Transfers N7.9tn to Federation Account Over Seven-Month Span
This shift holds notable weight for Nigeria, given that elevated global crude rates can drive up the replenishment expense for imported fuel while swaying the pricing choices of local refiners and distributors.
Sector analysts noted that the blend of rising crude values, escalating depot costs, transit expenses, and distribution margins could exert additional pressure on retail station pricing.
This current situation unfolds just days after anxieties surfaced regarding the widening gap between international crude benchmarks and local fuel depot rates.
Market monitoring revealed that MRS, which receives direct supply from the Dangote Refinery, retailed the product at N1,310 per litre, while numerous other outlets sold at higher figures spanning N1,350 to N1,400 per litre.
Nevertheless, the anticipated further elevation in retail costs is bound to inflate transportation and transit expenses, while enterprises relying on petrol and diesel for electricity generation could encounter increased operational overheads.
