Major petroleum depots in Nigeria have increased the landing cost of Premium Motor Spirit (PMS) in response to a surge in global crude oil prices, with Brent crude exceeding $80 per barrel on Monday.
Podium news confirmed that key depots have adjusted their prices by at least N40 per litre. For instance, Wosbab Depot raised its price to N950 from N909, while Sahara Depot increased to N950 from N910. Similarly, private depots like Shellplux and Chipet raised their prices to N960 per litre from N908.
Nipco Depot adjusted its price from N912 to N950, and Matrix Warri Depot increased from N925 to N945. Other depots, such as Ibeto and Sahara, approved larger increases, selling PMS at N1,150 per litre from N1,050 and N1,045, respectively.
On average, PMS depot prices have risen by 7-10%, with diesel (AGO) prices increasing by 5-10%, depending on the depot and location.
Despite these hikes, retail prices in Abuja remained stable on Monday, selling between N935 and N1,100 per litre across filling stations.
The recent rise follows weeks of reduced petrol prices, driven by competition between Dangote Refinery and the Nigerian National Petroleum Company Limited. The upward adjustment signals a response to the fluctuating global oil market and its impact on Nigeria’s petroleum industry.
