Depot owners increase fuel prices again
Depot owners in Nigeria have increased the ex-depot price of petrol for the second time in a week, leading to higher retail prices at filling stations. Industry associations are calling for government intervention to address the rising costs.
Why it matters
Rising fuel prices directly impact the cost of living and transportation in Nigeria, creating significant economic pressure on the population.
Depot owners have raised the ex-depot price of Premium Motor Spirit, PMS, popularly known as petrol, for the second time in less than a week. A market survey by PetroleumpriceNG showed that several depots raised their prices to between N1,300 and N1,310 per litre from between N1,265 and N1,275 per litre. Matrix Warri, Calabar and Optima depots have adjusted their petrol prices upward to N1,300, N1,310 and N1,305 per litre, respectively. This means that depot owners raised their petrol prices by between N25 and N35 per litre.
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