The price of Premium Motor Spirit (PMS), commonly known as petrol, has risen to about ₦1,310 per litre at some Nigerian depots, raising concerns that retail pump prices could approach ₦1,500 per litre.
The latest increase comes amid renewed pressure in the downstream petroleum market, with higher depot prices expected to affect the cost at which filling stations purchase and sell petrol to consumers.
Industry operators have expressed concerns that sustained increases in the ex-depot price could translate into higher pump prices if the trend continues.
A rise in petrol prices could also increase transportation and logistics costs, with potential knock-on effects on the prices of food, goods and other essential services.
The development comes as Nigeria's downstream petroleum sector continues to adjust to market-driven pricing following the removal of the petrol subsidy.
Consumers are now watching developments in the depot market closely, as further increases could place additional pressure on households and businesses already dealing with high operating and living costs.
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