Petrol Depot Prices Hit ₦1,900 Per Litre in Port Harcourt Despite NNPC Discount

Petrol depot prices in Port Harcourt rose to ₦1,900 per litre on Friday, October 9, despite a ₦66-per-litre discount offered at Nigerian National Petroleum Company Limited (NNPC) retail outlets.

According to Vanguard, NIPCO increased its petrol price by ₦170, from ₦1,730 to ₦1,900 per litre. Six other depots in the city also raised their prices from ₦1,750 to ₦1,900.

Price increases were also recorded in Lagos, Calabar and Warri, although rates varied by location and depot. In Lagos, Masters raised its price to ₦1,350 per litre from ₦1,303, while Matrix increased its rate to ₦1,360 from ₦1,330.

The increases coincided with a rise in international crude oil prices. Brent crude climbed to $104.50 per barrel, while West Texas Intermediate rose to $91.73.

At the retail level, NNPC sold petrol for ₦1,360 per litre at stations in Lagos and surrounding areas. MRS and 11 Plc charged approximately ₦1,338 per litre, while some independent marketers sold at higher prices.

NNPC has extended its ₦66-per-litre discount until October 31. However, the offer does not prevent independent depots and retailers from setting prices according to their costs and market conditions.

The Federal Government has also proposed a petrol price ceiling of about ₦1,350 per litre at the landing or ex-gantry level.

The proposal aims to limit sharp price fluctuations, with refiners and importers expected to absorb temporary costs above the ceiling.

The latest figures highlight the differences between wholesale and retail prices as fuel costs continue to fluctuate.

Source: https://x.com/vanguardngrnews/status/2108784787402215533

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