Oil Marketers Increase Fuel Prices: Check Today’s Petrol Rates (14/1/2025)

Oil Marketers Increase Fuel Prices: Check Today’s Petrol Rates (14/1/2025)

If you’ve been to a petrol station recently, you might have noticed that fuel prices are on the rise. On Monday, oil marketers raised the cost of loading Premium Motor Spirit (petrol) and other refined products at depots, sparking concerns about higher pump prices across the country.

Here’s what’s happening and why:

The main reason for the price hike is the increase in global crude oil prices. Brent crude, the international benchmark for oil, hit $79.76 per barrel on Sunday. This rise has pushed up the cost of refining and distributing petroleum products, leading to higher prices at depots.

Current Petrol Prices at Depots

Several depots have adjusted their loading prices for petrol. Here’s a breakdown of the changes:

• Swift Depot: Increased from ₦907 to ₦950 per litre.
• Wosbab Depot: Raised from ₦909 to ₦950 per litre.
• Sahara Depot: Went up from ₦910 to ₦950 per litre.
• Shellplux Depot: Jumped from ₦908 to ₦960 per litre.
• Chipet Depot: Increased from ₦908 to ₦960 per litre.
• Nipco Depot: Rose from ₦912 to ₦950 per litre.
• Matrix Warri Depot: Adjusted from ₦925 to ₦945 per litre.

On average, depot prices for petrol have gone up by 7–10%.

Diesel Prices Are Also Rising

It’s not just petrol—diesel prices have also seen a significant increase:

• Stockgap Depot: Increased from ₦1,080 to ₦1,150 per litre.
• Ibeto Depot: Raised from ₦1,050 to ₦1,150 per litre.
• Sahara Depot: Adjusted from ₦1,045 to ₦1,150 per litre.
• Nipco Depot: Went up from ₦1,120 to ₦1,150 per litre.
• Optima Depot: Increased from ₦1,048 to ₦1,120 per litre.

Diesel prices have climbed by 5–10%, depending on the depot.

Oil and gas expert Olatide Jeremiah explained that the rise in crude oil prices is directly affecting the cost of refining and importing petroleum products.

“When Brent crude nears $80 per barrel, it impacts the cost of importing and refining fuel. This is why we’re seeing higher depot prices,” he said.

Marketers like Bayo Adelaja have also warned that prices could continue to fluctuate in the coming weeks.

With depot prices rising, it’s likely that pump prices at petrol stations will also go up. If you rely on petrol or diesel for your car, generator, or business, it’s a good idea to plan ahead and budget for these increases.