The cost of Premium Motor Spirit (PMS), commonly known as petrol, is expected to rise following a 4.74% price hike by depot owners.
This adjustment is attributed to the recent increase in crude oil prices, including Nigeria’s Bonny Light, which climbed to $80 per barrel this week from $73 per barrel last week.
Several depots have already adjusted their loading prices. Swift Depot raised its price to N950 per litre from N907 per litre, while Wosbab Depot increased its rate to N950 per litre from N909 per litre. Similarly, Sahara Depot raised its price to N950 per litre from N910 per litre, and Shellplux Depot set its new rate at N960 per litre, up from N908 per litre.
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The price hikes have raised concerns about further increases at the pump, potentially affecting transportation and other sectors dependent on petrol.
Further details on the situation are expected to emerge.
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