The price of Premium Motor Spirit (PMS), commonly known as petrol, is expected to rise as depot owners have raised prices by approximately 4.74%.
This adjustment follows the recent increase in crude oil prices, with Nigeria’s Bonny Light rising to $80 per barrel this week, up from $73 per barrel last week.
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Several depots have already implemented price hikes. For instance, Swift Depot has raised its loading price to N950 per litre from N907, while Wosbab Depot increased its price to N950 per litre from N909.
Similarly, Sahara Depot’s price has risen to N950 per litre from N910, and Shellplux has raised its loading price to N960 per litre from N908.
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