Learn why petrol prices in Nigeria are set to rise as depot owners increase loading rates to ₦950 per litre, following a surge in crude oil prices.
Nigerians should brace themselves for a potential surge in petrol prices, as depot owners have raised their loading prices for Premium Motor Spirit (PMS), commonly known as petrol, by approximately 4.74%.
The price adjustment is attributed to the recent increase in crude oil prices, with Nigeria’s Bonny Light crude reaching $80 per barrel this week, up from $73 per barrel just last week.
Depot Price Adjustments
The following depots have already implemented the new pricing structure:
- Swift Depot: Increased loading price from ₦907 to ₦950 per litre.
- Wosbab Depot: Adjusted prices from ₦909 to ₦950 per litre.
- Sahara Depot: Raised prices from ₦910 to ₦950 per litre.
- Shellplux Depot: Surpassed others with a new price of ₦960 per litre, up from ₦908.
What This Means for Nigerians
This development could lead to higher pump prices at retail stations nationwide, directly impacting transportation, goods, and household budgets.
Why the Increase?
The upward adjustment stems from global crude oil market dynamics, as rising crude oil prices often lead to increased costs in petroleum products. With the Bonny Light now trading at $80 per barrel, depot owners are compelled to reflect this change in their pricing.
Stay Updated
As this situation develops, more details are expected to emerge. Keep an eye out for updates to understand how this price hike might affect daily living and fuel availability across the country.
By staying informed, you can better prepare for these potential changes and make necessary adjustments to your expenses.
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