Diesel depot prices have surged across Lagos, Port Harcourt, Warri and Calabar on Friday, with several marketers in Port Harcourt raising their prices to ₦1,900 per litre, even though pump prices were lower at some filling stations in Lagos.

According to Vanguard, NIPCO led the increases in Port Harcourt. It raised its diesel price by ₦170 per litre to ₦1,900 from ₦1,730, while six other depots raised theirs by ₦150 to the same level.

The developments coincided with a rise in international crude oil prices. Brent crude climbed to $104.50 per barrel from $104.28, while the US benchmark, West Texas Intermediate, rose to $91.73 from $91.49.

A review of depot prices showed that African Terminal, Ascon, Eterna, Gulf Treasure, Ibachem and Ibeto each raised their petrol prices in Port Harcourt to ₦1,900 per litre from ₦1,750.

Duport and Integrated, however, increased their prices to ₦1,806 per litre from ₦1,750, a rise of ₦56 per litre.

In Lagos, Masters raised its petrol price to ₦1,350 per litre from ₦1,303, while Matrix increased its price to ₦1,360 from ₦1,330.

Sigmund and T.S.L each raised their prices to ₦1,350 per litre from ₦1,300, while NIPCO increased its price to ₦1,350 from ₦1,326.

In Calabar, Matrix raised its price to ₦1,370 per litre from ₦1,315.

In Warri, Keonamex, Matrix, Nepal and Parker each increased their prices to ₦1,360 per litre from ₦1,315, while Optima raised its price to ₦1,360 from ₦1,330.

At the retail end, NNPC Limited sold petrol at ₦1,360 per litre at its filling stations in Lagos and surrounding areas.

MRS Oil Nigeria Plc sold the product at ₦1,338 per litre, while 11 Plc sold at ₦1,338.80. Independent marketers charged between ₦1,368 and ₦1,400 per litre, depending on location.

As a result, motorists buying from MRS and 11 Plc paid less than those buying from some independent marketers, whose prices reached ₦1,400 per litre.

The price differences highlight the divergent pricing trends across the supply chain. Depot prices rose in several locations, even as some filling stations continued to sell below the rates charged by independent marketers.

The diesel market also recorded significant increases in Warri. Rain Oil and Matrix each raised their Automotive Gas Oil (AGO) prices by ₦180 per litre to ₦1,900 from ₦1,720.

In Port Harcourt, Dangote increased its diesel price to ₦1,720 per litre from ₦1,702, while Masters raised its price to ₦1,825 from ₦1,788.

The increases could add to operating costs for manufacturers, transport operators and other businesses that rely on diesel for power generation and transportation, particularly if the higher prices persist.

On the international market, the OPEC Basket rose to $109.50 per barrel from $108.59, while WTI Midland increased to $92.74 from $92.32.

Natural gas prices climbed to $3.235 from $3.168, but Murban crude fell to $108.50 per barrel from $110.49.

Among refined products, gasoline declined to $3.293 from $3.316, while heating oil dropped to $4.724 from $4.883. The Indian Basket rose to $121.10 per barrel from $117.63.

The mixed movements across international benchmarks indicate that the domestic depot price increases should not be blamed solely on the day’s crude oil gains. Product replacement costs, supply conditions, transportation expenses and individual marketers’ pricing decisions may also influence local prices.

Commenting on the developments in an interview with Vanguard, the Chief Executive Officer of Petroleumprice.ng, Olatide Jeremiah, said: “Despite domestic issues and development in Nigeria, the downstream sector would continue to respond or react to developments at the global oil market.”

With petrol reaching ₦1,900 per litre at several Port Harcourt depots and diesel hitting the same level in Warri, the latest price movements underscore the pressures facing Nigeria’s downstream market. They also show the continuing differences between wholesale and retail prices.