Indications are rife of an imminent hike in the pump price of petrol.
This follows an increase in the loading costs of petrol and diesel at depots increased across the country on Monday.
On Sunday, Brent crude oil, the international benchmark, increased to $79.76 per barrel.
Depots including Swift, Wosbab, Sahara, and Shellplux adjusted their prices to between N950 and N960 per litre, compared to last week’s range of N907 to N912 per litre
Similarly, diesel prices recorded a significant rise, with depots such as Matrix Warri and Nipco increasing rates by N72 to N100 per litre.
Stockgap depot increased its loading depot price from N1,080 to N1,150, while Ibeto approved an increase from N1,050 to N1,150 per litre.
There has been a reduction in the price of petrol over the past weeks, with the product being sold for between N935 and N1,100 per litre nationwide.
As of December 19, 2024, data from the Major Energies Marketers Association of Nigeria showed that the landing cost of petrol was N887.51 per litre.
However, the rise in the price of crude oil could signal an increase in the landing cost of the product in the coming days.
Last year, Dangote Refinery and Nigerian National Petroleum Company Limited (NNPCL) announced an ex-depot petrol price reduction.
This led to the retail product dropping to between N935 and N965 per litre from N1040 per litre.
