The cost of Premium Motor Spirit (PMS), commonly known as petrol, is expected to rise as depot owners have raised prices by approximately 4.74%.

This price hike follows the recent increase in crude oil prices, with Nigeria’s Bonny Light rising to $80 per barrel this week, up from $73 per barrel last week.

Several depots have already raised their prices, including Swift Depot, which increased its loading price to N950 per litre from N907 per litre. Wosbab Depot has also raised its price to N950 per litre, up from N909 per litre.

Similarly, Sahara Depot has raised its price to N950 per litre from N910 per litre, while Shellplux has increased its loading price to N960 per litre from N908 per litre.