The price of Premium Motor Spirit (PMS), commonly known as petrol, is expected to rise as depot owners have increased their rates. This development is attributed to a surge in global crude oil prices, including Nigeria’s Bonny Light, which climbed to $80 per barrel this week from $73 per barrel last week.
This increase, reflecting a 4.74% hike, has already begun impacting loading prices at major depots across the country. Among the affected facilities, Swift Depot has raised its petrol loading price from N907 per litre to N950 per litre. Similarly, Wosbab Depot also adjusted its rate to N950 per litre, up from N909 per litre.
Other depots are following suit. Sahara Depot increased its loading price to N950 per litre, a jump from the previous N910 per litre. Meanwhile, Shellplux Depot has raised its rate even higher, reaching N960 per litre, compared to its earlier price of N908 per litre.
The adjustment in prices is linked to global trends in crude oil, which serve as a benchmark for determining petroleum product costs. The rise in Bonny Light crude oil prices mirrors the global market’s reaction to economic and geopolitical factors that have tightened supply and pushed up costs.
