Petrol Depot Prices Climb to N1,310, Raising Fresh Pump-Price Pressure

Depot operators have increased the ex-depot cost of Premium Motor Spirit (PMS), commonly called petrol, for the second time in under a week, adding further pressure to pump prices.

1. Several depots now sell petrol to marketers at between N1,300 and N1,310 per litre, compared with the earlier range of N1,265 to N1,275.
2. Matrix’s Warri depot raised its price to N1,300 per litre, while the Calabar and Optima facilities moved to N1,310 and N1,305, respectively.
3. The latest adjustments represent increases of N25 to N35 per litre for depot buyers.
4. Most depot operators had previously lifted their rates to N1,265-N1,275 per litre after Dangote Refinery raised its gantry price to N1,265 per litre.
5. Petrol was selling at filling stations in Abuja for between N1,310 and N1,350 per litre at the time of the latest market check.
6. The Independent Petroleum Marketers Association of Nigeria and the Petroleum Products Retail Outlets Owners Association of Nigeria separately urged the Federal Government to take action over the new increase.