Pump prices of Automotive Gas Oil (AGO), popularly known as diesel, have recorded notable increases across major depots in Lagos, Port Harcourt and Warri, while Premium Motor Spirit (PMS), commonly referred to as petrol, has remained relatively stable despite renewed geopolitical tensions in the Middle East.
The latest adjustments come amid concerns that the renewed hostilities involving the United States and Iran could trigger fresh pressure on global crude oil prices, which have previously influenced fuel prices in Nigeria.
In Lagos, several depot operators reviewed their diesel loading prices upward.
African Terminal increased its ex-depot diesel price by N50 per litre, moving from N1,450 to N1,500 per litre.
Other major marketers, including Gulftreasure, Ibachem, Ibeto and T.Time, also quoted diesel at N1,500 per litre.
In Port Harcourt, Matrix implemented one of the highest increases, raising its diesel price by N50 per litre to N1,550 per litre, making it one of the costliest major depots for diesel supplies.
Warri also recorded higher diesel prices, with A.Y.M Shafa increasing its loading price from N1,500 to N1,545 per litre, while Prudent Energy maintained its diesel price at N1,550 per litre.
In Calabar, Fynfield quoted diesel at N1,480 per litre, although no previous comparative price was available to determine whether the figure represented an increase.
While diesel prices moved upward across several locations, the petrol market remained comparatively stable as competition among marketers and the Dangote Petroleum Refinery continued to limit major price fluctuations.
The latest mid-day depot pricing report showed that suppliers have largely maintained existing petrol prices despite isolated upward adjustments in some regions.
In Lagos, the Dangote Petroleum Refinery retained its ex-depot petrol price at N1,075 per litre, matching the prices quoted by Ardova, Nipco and Sahara.
The pricing parity among the major suppliers reflects the intense competition currently shaping Nigeria’s downstream petroleum market.
African Terminal and Aiteo, however, raised their petrol loading prices marginally from N1,074 to N1,075 per litre, representing only a slight adjustment while remaining competitive.
Port Harcourt recorded the most significant increase in petrol prices.
Matrix raised its petrol loading price by N50 per litre, moving from N1,100 to N1,150 per litre, making it one of the highest-priced depots for PMS.
Other marketers also reviewed their prices upward.
Matrix quoted another PMS loading price of N1,125 per litre, Nepal increased its price from N1,080 to N1,098 per litre, while Optima adjusted its rate to N1,100 per litre.
Prudent Energy and Rain Oil also implemented upward price reviews, while Soroman maintained its petrol price at N1,100 per litre.
Industry analysts say the varying prices across different regions highlight the increasingly decentralised nature of Nigeria’s downstream petroleum market.
According to market participants, transportation costs, depot inventories, logistics expenses and local demand continue to influence pricing decisions outside Lagos, resulting in regional disparities in the cost of petroleum products.
