Petrol Prices Set to Rise as Depot Rates Surge to ₦950/Litre

The price of Premium Motor Spirit (PMS), commonly known as petrol, is expected to increase as depot owners hike prices by 4.74%.

The rise is linked to the recent surge in crude oil prices, with Nigeria’s Bonny Light crude climbing from $73 per barrel last week to $80 per barrel this week.

Several depots have already adjusted their rates. Swift Depot, Wosbab Depot, and Sahara Depot have all raised their prices to ₦950 per litre, up from ₦907, ₦909, and ₦910 respectively. Shellplux Depot has increased its rate even further to ₦960 per litre, compared to its previous ₦908.

This development signals an impending rise in petrol prices at filling stations, potentially putting further strain on consumers.