- Private oil depots have increased the price of Premium Motor Spirit (PMS), also known as petrol, to N900 per litre.
- The price increase is due to rising crude oil prices and other factors in the global market.
- Oil marketers with N900 per litre depot prices include Rainoil, Prudent, A.Y.M Shafa, and Mainland.
- The price of crude oil has risen to $75 per barrel, causing refineries to incur additional costs.
- The Dangote refinery has not loaded trucks based on the nation’s Naira for Crude programme due to the need to source crude oil in dollars.
The increase in depot prices is expected to lead to higher pump prices of petrol at filling stations. The development has impacted the operations of oil marketers, who have to source their ship supply in dollars, leading to increased costs.
According to (link unavailable), the inability of the federal government to resolve issues hindering the execution of the Naira-crude policy will keep petrol prices rising. Independent retail outlets are already selling petrol between N930-950 per litre.
The Major Energies Association of Nigeria (MEMAN) has also reported an increase in the landing cost of imported petrol by N88 per litre in one week, from N797 per litre to N885 per litre.
