- Petrol price increase: Depot owners have raised petrol prices by approximately 4.74%.
- Reason for increase: The price hike follows the recent surge in crude oil prices, including Nigeria’s Bonny Light.
- New prices: Some depots have increased their loading prices, with prices ranging from N950 to N960 per litre.
Petrol prices are expected to rise again as depot owners have increased their prices by about 4.74% to N950 per litre. This change is due to the recent increase in crude oil prices, including Nigeria’s Bonny Light, which rose to $80 per barrel this week from $73 per barrel last week .
Some depots have already adjusted their loading prices. For instance, Swift Depot, Wosbab Depot, and Sahara Depot have increased their prices to N950 per litre, while Shellplux has raised its loading price to N960 per litre .
This price hike will likely affect consumers, and it’s essential to note that the government’s deregulation policy means that petrol prices are now determined by market forces, including international crude oil prices .
