The price of Premium Motor Spirit (PMS), commonly known as petrol, has risen to ₦950 per litre at various depots across Nigeria.
This rise is ascribed to the recent spike in the price of crude oil, particularly Bonny Light from Nigeria, which rose from $73 to $80 per barrel in just one week.
Depot Price Adjustments:
- Swift Depot: Increased from ₦907 to ₦950 per litre.
- Wosbab Depot: Adjusted from ₦909 to ₦950 per litre.
- Sahara Depot: Raised prices from ₦910 to ₦950 per litre.
- Shellplux Depot: Elevated from ₦908 to ₦960 per litre.
- Nipco Depot: Increased from ₦912 to ₦950 per litre.
- Matrix Warri Depot: Adjusted from ₦925 to ₦945 per litre.
These depot price increases are anticipated to raise pump prices across the country, impacting the overall economy and transportation expenses.
Consumer advocacy organisations and industry experts have voiced concerns over the possible financial burden on consumers and businesses. To lessen the effects of these price hikes, appeals have been made for government action.
