Vanguard Newspaper has confirmed via its official X handle that the cost of petrol is set to increase as depot owners have raised their prices by approximately 4.74%. This price hike follows a significant rise in global crude oil prices, with Nigeria’s Bonny Light crude now priced at $80 per barrel, up from $73 just a week ago.
The price adjustments are already taking effect at various depots across the country. Swift Depot, for example, has raised its loading price to N950 per litre from N907, while Wosbab Depot has also increased its price to N950 per litre from N909. Similarly, Sahara Depot has followed suit, adjusting its price to N950 per litre from N910. Shellplux, on the other hand, has implemented an even steeper increase, setting its new price at N960 per litre, up from N908.
These adjustments signal a ripple effect across the fuel supply chain, potentially leading to higher costs at the pumps for consumers. The persistent fluctuation in global oil prices continues to influence Nigeria’s petrol pricing, and this latest surge could add further strain to an already challenging economic environment.
Further details on how this will impact consumers and the broader economy will be provided as the situation develops.
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