Pump price of Automotive Gas Oil (AGO), otherwise known as diesel, have recorded significant hikes in Lagos, Port Harcourt and Warri.
This comes against a relatively stable prices for Premium Motor Spirit (PMS) otherwise known as petrol despite fears of pressure from a renewed hostility in the Middle-east war between US and Iran, the main source of previous pump price increases.
In Lagos, African Terminal increased its diesel loading price by N50 per litre to N1,500 per a litre, with Gulftreasure, Ibachem, Ibeto and T.Time also selling at N1,500 per litre.
In Port Harcourt, Matrix raised its diesel price by N50 per litre to N1,550 per litre, making it one of the highest-priced major depots for the product.
Diesel prices in Warri were equally higher, with A.Y.M Shafa increasing to N1,545 per litre from N1,500 per litre, while Prudent Energy maintained N1,550 per litre.
In Calabar, Fynfield quoted diesel at N1,480 per litre, although no comparable previous price was available.
In the petrol market the latest mid-day depot price report indicated that intense competition among marketers and the Dangote Petroleum Refinery has kept the product prices relatively stable despite pockets of marginal increases,
In Lagos, which remains Nigeria’s largest petroleum trading hub, Dangote Petroleum Refinery retained its ex-depot petrol price at N1,075 per litre, matching prices offered by Ardova, Nipco and Sahara, underscoring the fierce competition among suppliers.
African Terminal and Aiteo, however, raised their petrol loading prices marginally to N1,075 per litre from N1,074 per litre, limiting room for aggressive price undercutting while maintaining competitiveness in the market.
However, in Port Harcourt, Matrix raised its petrol price sharply by N50 per litre to N1,150 per a litre from N1,100 per a litre, making it one of the highest-priced major depots for the product.
Matrix raised its PMS price by N40 to N1,125 per litre, Nepal increased to N1,098 per a litre from N1,080 per a litre, Optima moved to N1,100, while Prudent and Rain Oil also implemented upward adjustments and Soroman maintained a petrol quotation of N1,100 per litre.
The pricing trends highlight the increasingly regional nature of Nigeria’s downstream market, with logistics costs, depot inventories, transportation expenses and local demand conditions influencing prices outside Lagos.
