Just in: Petrol prices set to rise as depot owners hike rates
The price of Premium Motor Spirit (PMS), commonly known as petrol, is expected to increase following a 4.74 percent hike in depot prices by owners.
This surge is attributed to the recent rise in global crude oil prices, including Nigeria’s Bonny Light, which climbed to $80 per barrel this week from $73 per barrel last week.
Depot owners have already adjusted their loading prices to reflect the increase. Swift Depot raised its price from ₦907 per litre to ₦950 per litre, while Wosbab Depot also adjusted its price to ₦950 per litre from ₦909 per litre.
Similarly, Sahara Depot increased its loading price from ₦910 per litre to ₦950 per litre. Shellplux Depot reported the highest increase, moving from ₦908 per litre to ₦960 per litre.
The changes at the depots suggest that consumers may soon bear the brunt of rising costs at the pump, adding to concerns about the affordability of petrol.
The price adjustments come amid a volatile global oil market, with crude prices fluctuating due to geopolitical tensions and supply-demand dynamics.
The increase in Nigeria’s Bonny Light crude, a key determinant of local fuel costs, underscores the impact of international oil trends on domestic fuel prices.
