Fuel importers have increased the depot price of Premium Motor Spirit (PMS), popularly known as petrol, from ₦1,230 per litre to ₦1,350 per litre, a development expected to trigger a fresh rise in pump prices across the country.

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Industry sources confirmed on Thursday that importers had informed petroleum marketers of the new depot price, signalling another adjustment in the downstream oil market.

According to the sources, the revised price will take effect from July 17, with marketers expected to adjust retail pump prices to reflect the increase.

The latest adjustment is likely to result in higher fuel costs for consumers, as marketers typically factor depot prices into their retail pricing.

The increase comes amid continued volatility in the petroleum market, where fluctuations in import costs, exchange rates and global crude oil prices continue to influence domestic fuel prices.

Industry stakeholders expect the new depot price to have a direct impact on transportation costs and other sectors of the economy that depend heavily on petrol.

As of the time of filing this report, major petroleum marketers had yet to announce new retail pump prices, although consumers are expected to pay more for petrol once the revised depot price takes effect.