PRIVATE oil depots have increased the price of Premium Motor Spirit, PMS, also known as petrol to N900 per litre from more than N890 per litre, weekend, due to rising prices of crude oil and other factors in the global market.
It was gathered that oil marketers with N900 per litre depot prices included Rainoil, Prudent, A.Y.M Shafa and Mainland.
The checks also indicated that the pump prices of petrol would likely be adjusted upwards when the product gets to the filling stations.
The price of crude oil, a major feedstock involved in refining rose $75 per barrel from $70 per barrel, thus causing refineries, including the $650,000 barrels per day Dangote refinery to incur additional costs.
The checks showed that lifting through ships that charged dollar rates were ongoing to enable it cover costs, especially as a bulk of its crude oil was still sourced in dollars from the international market.
Commenting on the development, petroleumpriceng.com, stated: “The development has impacted the operations of oil marketers, including MRS. Ardova. They had to source their ship supply in dollars, that would culminate in increasing the pump prices of petrol in Lagos and other parts of the nation.
“Already, private depots have raised their Depot prices to 900/L, independent retail outlet are selling between 930-950/L. The inability of the federal government to resolve all issues that hinder the execution of Naira-crude policy will keep the petrol price rising.”
Similarly, the Major Energies Association of Nigeria (MEMAN) said that the landing cost of imported petrol has increased by N88 per litre in one week.
In its daily energy bulletin on Wednesday, March 26, 2025, MEMAN said the increase was from N797 per litre last week to N885 per litre this week.
Also, commenting on instability in the market in its latest communique, MEMAN, stated: “As the market stabilises, challenges will arise, and resistance from those accustomed to price control is inevitable. But with robust regulation, industry collaboration, and public transparency, Nigeria can fully realise the benefits of this transformation.’’
It added that a well-functioning, deregulated market will attract more investment, improve efficiency, and create a more competitive landscape that benefits both businesses and consumers.