Petrol depot prices have surged to N1,900 per litre in Port Harcourt despite a price relief move by the Nigerian National Petroleum Company Limited, NNPC.
According to market data on Friday, October 10, NIPCO led the increase in Port Harcourt, raising its price by N170 from N1,730 to N1,900 per litre. Six other depots – African Terminal, Ascon, Eterna, Gulf Treasure, Ibachem and Ibeto – also raised prices by N150 to N1,900 from N1,750.
Duport and Integrated increased to N1,806 from N1,750. Similar hikes were recorded in Lagos, Warri and Calabar. In Lagos, Masters rose to N1,350 from N1,303, Matrix to N1,360 from N1,330, and NIPCO to N1,350 from N1,326.
The surge came as international crude prices climbed, with Brent rising to $104.50 per barrel and WTI to $91.73.
At the retail end, pump prices remained lower. NNPC sold at N1,360 per litre in Lagos, MRS at N1,338 and 11Plc at N1,338.80, while independent marketers sold between N1,368 and N1,400.
The development comes after the Presidency said NNPC Retail would forgo its profit margin for 30 days to sell at cost, and extended its N66-per-litre discount via its mobile app till October 31.
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