•Crude oil hits $67.50 per barrel
THERE were indications, yesterday, that the pump prices of Automotive Gas Oil, AGO, also known as diesel and Premium Motor Spirit, PMS, also known as petrol would rise in the domestic market, due to rise in the price of Nigeria’s Bonny Light rising by 3.84 per cent to $67.50 per barrel from $65 per barrel last week in the global market.
Checks by Vanguard indicated that four depot owners yesterday increased the price of either diesel or petrol to more than N1, 050 per litre and N869 per litre, respectively.
The depot owners include First Fortune, Chisco, Chipet and Master Energy. First Fortune increased the depot price of diesel to N950 per litre from N945 per litre, while Chisco adjusted to N1,050 per litre from N1,045 per litre.
Chipet adjusted the depot price of the product to N1,050 per litre from less than N1,000 per litre.
Also, Master Energy increased the depot price of petrol to N869 per litre from N867 per litre.
According to Petroleumprice.ng, the depot prices of petroleum products would continue to be dynamic in the coming weeks, due to some factors, including the instability of the global oil market.
It maintained that the oil marketers would also be compelled to adjust pump prices, should the situation persist in the marketplace.
On his part, National President of Petroleum Products Retail Outlets Owners Association of Nigeria, PETROAN, Dr. Billy Gillis-Harry, said: “The market is subject to changes. Currently, I think the volume of imported products has reduced, thus impacting the domestic market in one way or another.”
According to the National Bureau of Statistics, NBS, the prices of petroleum products have been relatively unstable in the past few months.
For instance, it stated that the average retail price of petrol increased to N1,239.33 in April.
In its report, tagged ‘Premium Motor Spirit (Petrol) Price Watch (April 2025),’ released on April 20, the NBS said the pump price rose by 76.73 per cent from N701.24 recorded in the corresponding month last year.
(Vanguard)
