The cost of Premium Motor Spirit (PMS), commonly referred to as petrol, is expected to rise in Nigeria following an increase in depot prices by about 4.74%. This price adjustment has been attributed to the surge in global crude oil prices, including Nigeria’s Bonny Light crude, which climbed to $80 per barrel this week compared to $73 per barrel last week.
Depot owners have already begun implementing higher prices. Swift Depot, for instance, increased its loading price to ₦950 per liter from the previous ₦907 per liter. Similarly, Wosbab Depot raised its price to ₦950 per liter, up from ₦909 per liter. Sahara Depot matched this trend, moving to ₦950 per liter from ₦910 per liter. Meanwhile, Shellplux Depot made a slightly higher jump, adjusting its price to ₦960 per liter from ₦908 per liter.
The ripple effect of these depot price adjustments will likely lead to higher pump prices for consumers nationwide. This development adds to the financial burden on Nigerians, already grappling with economic challenges. The increase in crude oil prices, a major driver of this change, reflects global market dynamics and geopolitical factors influencing supply and demand.
As the market adjusts, industry stakeholders and consumers alike are awaiting further updates and potential government interventions to address the rising cost of fuel. Stay tuned for more details as the situation unfolds.
