Petrol prices are expected to increase following a rise in the prices set by depot owners.
The latest adjustments, which reflect a 4.74% hike, have seen depot prices climb to N950 per litre from N907 per litre at Swift Depot and from N909 to N950 per litre at Wosbab Depot. Similarly, Sahara Depot raised its price to N950 per litre from N910, while Shellplux Depot increased its rate to N960 per litre, up from N908.
The increase in depot prices comes after a recent surge in crude oil prices, with Nigeria’s Bonny Light reaching $80 per barrel this week, up from $73 per barrel the previous week. As a result, these price hikes at the depots are expected to impact the cost of petrol at the pump, leading to a rise in fuel prices across the country.
Details of the full impact on consumers will emerge in the coming days.
