Petrol Prices Set to Increase as Depot Owners Hike Price To N950/Litre

Petrol prices in Nigeria are expected to increase following a 4.74% rise in the cost of Premium Motor Spirit (PMS) by depot owners.

The price hike comes in the wake of a recent increase in global crude oil prices, with Nigeria’s Bonny Light crude rising to $80 per barrel this week, up from $73 per barrel last week.

ALSO READ: Man Butchers Father Over N5000

Several depots have already adjusted their prices. Swift Depot raised its loading price to N950 per litre, up from N907, while Wosbab Depot followed suit, increasing its price to N950 per litre from N909. Sahara Depot has also increased its price to N950 per litre, up from N910, while Shellplux raised its rate to N960 per litre, from N908.

The price hikes reflect the ongoing global trends in oil pricing.