Hike in pump prices of petrol imminent

Hike in pump prices of petrol imminent

There are indications that pump prices of petroleum products may increase following upward adjustments at the depots.

The development is against all expectations of further reduction in pump prices.

Checks revealed that Brent crude oil, the international benchmark, climbed to $79.76 per barrel on Sunday. By Monday, prominent depots, including Swift, Wosbab, Sahara, and Shellplux, adjusted their petrol prices to between N950 and N960 per litre, compared to last week’s range of N907 to N912 per litre.

Diesel prices also witnessed a steep rise, with depots such as Matrix Warri and Nipco increasing rates by N72 to N100 per litre.

Similarly, marketers sourcing products from the Dangote refinery have raised petrol prices from N899 to N923 per litre, reflecting the broader market trend.

Industry analysts estimate that petrol depot prices have increased by 7-10 per cent, while diesel prices surged by 5-10 per cent, depending on the location. These adjustments are expected to influence retail pump prices in the coming weeks, intensifying the financial burden on consumers.

Experts caution that ongoing volatility in global crude oil markets and depot pricing could further strain Nigeria’s economy and household budgets, emphasising the need for proactive regulatory measures to stabilise the sector.