Nigerians are bracing for a potential increase in petrol prices as depot rates have surged to N1,290 per litre across major petroleum hubs in the country. This rise comes in the wake of escalating international crude oil prices, which have seen Brent crude futures settle at approximately $90.49 per barrel, following renewed tensions in the Middle East.

The latest mid-day depot price report indicates significant increases in petrol prices in key cities such as Lagos, Calabar, Port Harcourt, and Warri. In Calabar, depot prices have jumped by N87, reaching N1,290 per litre at both the Mainland and Soroman depots. Other depots like Matrix and Sobaz have also raised their prices to N1,290 and N1,285 respectively.

In Lagos, the Dangote Refinery has increased its petrol price from N1,200 to N1,266 per litre, while Pinnacle's price has also risen to N1,266 from N1,201. Additionally, other depots such as African Terminal and Integrated have increased their prices by N67 to N1,268 per litre. Independent depots have shown even more pronounced increases, with Masters raising its price by N75 to N1,285, and Liquid Bulk, Sigmund, and T.S.L all increasing theirs by N63 to N1,278.

The current situation is exacerbated by the widening gap between international crude prices and domestic depot prices. Reports indicate that some marketers, like MRS, which sources directly from the Dangote Refinery, are already selling petrol at **N1,310 per litre, with others charging between N1,350 and N1,400.

As the situation develops, consumers and businesses alike are left to navigate the implications of these rising costs, which threaten to escalate the financial pressures already faced by many in Nigeria. The combination of higher crude oil prices, increased depot costs, and logistical expenses is likely to create a challenging environment for both consumers and the petroleum market in the coming weeks.