Petrol depot prices have surged to N1,900 per litre in Port Harcourt, while diesel prices reached the same level in Warri, amid rising costs across Nigeria’s downstream petroleum sector despite lower pump prices at some filling stations in Lagos.

According to a report by Vanguard, NIPCO raised its petrol price in Port Harcourt by N170 per litre, from N1,730 to N1,900, while six other depots also increased their prices to the same level.

African Terminal, Ascon, Eterna, Gulf Treasure, Ibachem and Ibeto raised their petrol prices from N1,750 to N1,900 per litre.

Duport and Integrated, however, increased theirs by N56 to N1,806 per litre.

In Lagos, several depots also adjusted their prices upwards.

Masters raised its price from N1,303 to N1,350 per litre, while Matrix increased its price from N1,330 to N1,360.

Sigmund and T.S.L moved from N1,300 to N1,350, while NIPCO increased its price from N1,326 to N1,350 per litre.

In Calabar, Matrix raised its petrol price from N1,315 to N1,370 per litre.

Meanwhile, Keonamex, Matrix, Nepal and Parker increased their prices in Warri from N1,315 to N1,360, while Optima moved from N1,330 to N1,360 per litre.

At the retail level, NNPC Limited sold petrol at N1,360 per litre at its filling stations in Lagos and surrounding areas, while MRS Oil Nigeria Plc sold at N1,338 and 11 Plc at N1,338.80 per litre.

Independent marketers charged between N1,368 and N1,400, depending on location.

The latest increases came despite the Federal Government’s announcement of a 30-day petrol price discount at NNPC filling stations, highlighting the continuing differences between depot prices and pump prices across the country.

The diesel market also recorded significant increases, particularly in Warri, where Rain Oil and Matrix raised their prices by N180 per litre, from N1,720 to N1,900. In Port Harcourt, Dangote increased its diesel price from N1,702 to N1,720, while Masters raised its price from N1,788 to N1,825 per litre.

The rising diesel prices could further increase operating expenses for manufacturers, transport operators and businesses that depend on diesel for electricity generation and transportation.

On the international market, Brent crude rose to $104.50 per barrel from $104.28, while the United States benchmark, West Texas Intermediate, increased to $91.73 from $91.49. The OPEC Basket also climbed to $109.50 per barrel from $108.59.

However, the report noted that domestic depot price increases could not be attributed solely to the day's crude oil movements, as replacement costs, supply conditions, transportation expenses and individual marketers' pricing decisions also influence local prices.

Commenting on the developments, the Chief Executive Officer of Petroleumprice.ng, Olatide Jeremiah, told Vanguard that the downstream petroleum sector would continue to respond to developments in the global oil market despite domestic challenges.