Petrol prices in several Nigerian depots jumped to N1,900 per litre on Friday, while the [NNPC](https://www.nnpcgroup.com) maintained its retail pump price at N1,360 in Lagos, highlighting a widening gap between wholesale and retail rates. The increase came as global oil benchmarks edged higher, with [Brent crude](https://en.wikipedia.org/wiki/Brent_crude) trading at $104.50 a barrel.
**What depot price changes were recorded?**
In Port Harcourt, [NIPCO](https://en.wikipedia.org/wiki/Nigerian_Petroleum_Development_Company) led the rise, lifting its Premium Motor Spirit (PMS) to N1,900 per litre, up N170 from N1,730. Six other depots – African Terminal, Ascon, Eterna, Gulf Treasure, Ibachem and Ibeto – matched this level, each adding N150. Duport and Integrated set their price at N1,806, a modest N56 increase.
In Lagos, Masters moved its price to N1,350 per litre, while Matrix posted N1,360. Both Sigmund and T.S.L adjusted to N1,350, and NIPCO also raised its Lagos price to N1,350. Calabar saw Matrix increase to N1,370, and in Warri, Keonamex, Matrix, Nepal and Parker all posted N1,360, up from N1,315.
**How did retail pump prices compare?**
At the retail end, the NNPC sold petrol at N1,360 per litre in Lagos and surrounding areas. MRS Oil Nigeria Plc offered it at N1,338, and 11 Plc at N1,338.80. Independent marketers charged between N1,368 and N1,400, meaning motorists buying from MRS or 11 Plc paid less than those purchasing from some independents.
**What happened to diesel prices?**
Warri’s diesel market saw Rain Oil and Matrix lift Automotive Gas Oil (AGO) to N1,900 per litre, a N180 rise. In Port Harcourt, Dangote increased diesel to N1,720, while Masters set its price at N1,825.
**What were the movements in international crude markets?**
The OPEC Basket rose to $109.50 per barrel, and WTI Midland climbed to $92.74. Natural gas edged up to $3.235, while Murban crude fell to $108.50. Among refined products, gasoline slipped to $3.293 and heating oil to $4.724. These mixed trends suggest that local depot hikes are not solely driven by the day's crude price gains.
**What did industry experts say?**
Olatide Jeremiah, CEO of Petroleumprice.ng, told Vanguard, “Despite domestic issues and development in Nigeria, the downstream sector would continue to respond or react to developments at the global oil market.”
The latest price movements underscore the pressure on Nigeria’s downstream sector, with depot prices reaching N1,900 per litre for petrol and diesel in key cities, while retail prices remain comparatively lower.