Domestic fuel prices face renewed upward pressure as wholesale petroleum depot rates surged across major Nigerian coastal terminals, reaching as high as ₦1,900 per litre in Port Harcourt despite ongoing retail cuts and discounted pump rates at select stations in Lagos.

The sharp wholesale increases coincide with a firming international crude oil market, where Brent crude reached $104.50 per barrel and US West Texas Intermediate (WTI) climbed to $91.73 per barrel.

Regional Breakdown: Depot Price Spikes

Wholesale petrol (Premium Motor Spirit - PMS) rates experienced steep hikes across key maritime and distribution hubs.

In Port Harcourt, NIPCO led the surge by raising its depot price by N170, jumping from ₦1,730 to ₦1,900 per litre.

African Terminal, Ascon, Eterna, Gulf Treasure, Ibachem, and Ibeto all adjusted prices upward by N150, matching the ₦1,900/litre rate.

Duport and Integrated raised rates by ₦56, moving from N1,750 to N1,806 per litre.

In Lagos, Matrix increased its PMS price from ₦1,330 to ₦1,360 per litre. Masters, Sigmund, and T.S.L. pushed rates up to ₦1,350 per litre (from previous ranges of ₦1,300–₦1,303).

NIPCO raised its Lagos wholesale price to ₦1,350 per litre (up from N1,326).

ID