Osamagbe Imadiyi
On Monday, the cost of loading refined petroleum products, including Premium Motor Spirit (petrol), at the depots went up. According to reports, because of the rising cost of crude oil, marketers increased the price of gasoline and diesel at depots by N43, or 4.74 percent. Recall that the cost of Brent, the global benchmark for crude, reached $79.76 per barrel on Sunday.
According to the current situation, gas stations nationwide may decide to increase their pump prices in order to keep up with the rising cost of refined goods. Swift Depot increased its loading fee from N907 per liter to N950 per liter last Friday, according to data collected from loading depots on Monday. Additionally, Shellplux, a private depot, raised its loading fees from N908 to N960.
Marketers who purchased goods from the Dangote refinery and resold them to other retailers reportedly raised their prices to N923 per liter even though they had originally purchased the goods for N899 per liter.
Some loading depots have raised their diesel prices from N1,080 to N1,150. One such depot is Stockgap. An increase from N1,050 to N1,150 per liter was authorized by Ibeto Depot. Sahara Depot raised the price of its product from N1,045 to N1,150 last week. AGO prices have increased by 5–10%, depending on the depot and location, while PMS depot prices have increased by an average of 7–10%.
Olatide Jeremiah, an oil and gas specialist, responded in a previous interview by stating that depots are prepared to raise the cost of loading refined petroleum products. “It implies that there is a possibility of increased fuel prices, particularly diesel prices,” stated Jeremiah, the CEO of petroleumprice.ng.