Petrol prices in Nigeria are expected to rise as depot owners have increased their prices by about 4.74%. This follows the recent rise in crude oil prices, including the price of Nigeria’s Bonny Light, which went up from $73 per barrel to $80 per barrel this week.

Some depots have already raised their prices. For example, Swift Depot has increased its loading price from ₦907 per litre to ₦950 per litre. Wosbab Depot has also raised its price from ₦909 to ₦950 per litre. Similarly, Sahara Depot raised its price from ₦910 to ₦950 per litre, while Shellplux increased its rate to ₦960 per litre from ₦908 per litre.

This increase in depot prices is expected to lead to higher petrol costs for consumers. The price hike is a direct result of the rise in global crude oil prices, which affects the cost of fuel in Nigeria.