The cost of loading Premium Motor Spirit (petrol) and other refined petroleum products at depots surged on Monday, raising fears of imminent pump price increases across Nigeria.
According to reports, oil marketers attributed the hike to rising global crude oil prices, with Brent crude hitting $79.76 per barrel on Sunday.
Depot prices for petrol witnessed significant increases, with Swift Depot raising its price from ₦907 to ₦950 per litre, while Wosbab Depot increased its rate to ₦950 from ₦909. 
Similarly, Sahara Depot adjusted its loading price to ₦950, and Shellplux Depot raised its price to ₦960, both up from ₦910 and ₦908, respectively.
Nipco Depot and Matrix Warri Depot also followed suit, with Nipco increasing its price from ₦912 to ₦950 and Matrix Warri Depot raising its rate from ₦925 to ₦945 per liter.
Diesel prices also climbed across several depots. Stockgap Depot increased its price from ₦1,080 to ₦1,150, while Ibeto Depot raised its rate from ₦1,050 to ₦1,150.
Sahara Depot and Nipco Depot both adjusted their prices to ₦1,150, up from ₦1,045 and ₦1,120, respectively.
Overall, petrol depot prices rose by an average of 7–10%, while diesel prices climbed by 5–10%, depending on the location and depot.
Experts have linked these increases to the escalating cost of crude oil on the international market. Oil and gas expert Olatide Jeremiah explained,
“As of Friday, when Brent crude neared $80, prices selectively increased in some depots in Lagos.
On Monday, prices were further adjusted by importers because a significant portion of oil marketers import petroleum products, and Brent crude plays a major role in the refining process.”
The rising depot costs are already causing concerns among retailers and consumers.
According to marketer Bayo Adelaja, “Depot rates have escalated sharply, and this is directly affecting pump prices. Consumers should expect further fluctuations in the coming weeks.”
Meanwhile, consumers have expressed frustration as the economy struggles under rising inflation.
Many fear that the increases in petrol and diesel prices will lead to a ripple effect on goods and services, worsening the cost of living.
Stakeholders have called for measures to stabilize prices and mitigate the impact on Nigerians.
As depot prices continue to escalate, there is growing uncertainty about how long the trend will persist and how severely it will impact everyday Nigerians.
The government and marketers are under pressure to find solutions to manage price volatility and minimize the economic burden on citizens.
