Nigerians are expressing growing concern as the depot price of Premium Motor Spirit (PMS), commonly known as petrol, surged to ₦889 per litre — up from ₦887 per litre recorded just last week.
The latest increase has sparked fears of another round of pump price hikes and rising transportation and living costs across the country. Industry insiders say the continuous climb in depot prices is being driven by foreign exchange volatility, rising import costs, and supply challenges.
With many filling stations already adjusting prices upward, motorists and businesses are bracing for a fresh wave of economic hardship, as fuel remains a major driver of inflation in Africa’s largest economy.
Analysts warn that unless the government intervenes to stabilize the market and ensure adequate supply, Nigerians could face even higher costs in the coming weeks.
