The cost of petrol in Nigeria is expected to rise following a significant increase in depot loading prices on Monday.
Brent crude oil, the global benchmark, climbed to $79.76 per barrel on Sunday, prompting major depots such as Swift, Wosbab, Sahara, and Shellplux to raise their petrol prices to between N950 and N960 per litre—up from last week’s range of N907 to N912 per litre.
Diesel prices also saw sharp increases, with depots like Matrix Warri and Nipco adjusting their rates by N72 to N100 per litre. Stockgap depot raised its loading price from N1,080 to N1,150 per litre, while Ibeto moved from N1,050 to N1,150 per litre.
Data from the Major Energies Marketers Association of Nigeria (MEMAN) as of December 19, 2024, pegged the landing cost of petrol at N887.51 per litre. However, with the recent surge in crude oil prices, the landing cost is projected to increase further.
In recent weeks, Nigerians experienced slight relief as petrol prices dropped, following ex-depot price reductions announced by Dangote Refinery and the Nigerian National Petroleum Company Limited (NNPCL). This saw retail prices decline to between N935 and N965 per litre from previous highs of N1,040 per litre.
Currently, petrol prices range from N935 to N1,100 per litre nationwide. The looming hike is likely to exacerbate the rising costs of goods and services, further straining household budgets amidst an already challenging economic landscape.