Nigeria’s Petrol Price Jumps Again, Nears ₦1,500/Litre

 

By Abdullahi Musa 

The price of Premium Motor Spirit, popularly known as petrol, is edging towards ₦1,500 per litre in parts of Nigeria despite a decline in international crude oil prices.

Petrol prices reportedly increased from about ₦1,205 per litre to ₦1,310 per litre in Lagos and neighbouring areas, with some filling stations selling the product for between ₦1,315 and above ₦1,400 per litre.

The development comes despite a drop in international crude oil prices from around $92 to $87.31 per barrel, raising concerns over the continued increase in domestic petrol prices.

Checks reported in the downstream petroleum market indicated that MRS increased its pump price to ₦1,310 per litre from ₦1,205.

Meanwhile, depot prices have also remained high across key locations.

Data from the Daily Depot Price Intelligence Report showed that petrol was sold at about ₦1,217 per litre in Warri, ₦1,214 in Port Harcourt, ₦1,204 in Calabar and ₦1,202 in Lagos as of Friday, August 28, 2026.

Industry analysts attributed the divergence between global crude prices and domestic petrol prices to factors beyond the cost of crude oil.

These factors include refining margins, product availability, import parity, foreign exchange movements, freight and marine logistics, storage and depot charges, financing costs, taxes and market competition.

The development further highlights the growing influence of domestic refining capacity, supply conditions and distribution costs on petrol prices in Nigeria.

The Dangote Refinery was also reported to have increased its petrol gantry price by ₦15 per litre, from ₦1,185 to ₦1,200, despite the decline in global crude prices.

An industry operator said petrol prices could eventually decline but warned that any reduction could be gradual as marketers seek to recover losses incurred during previous periods of price volatility.

The latest increase is expected to put additional pressure on households and businesses, particularly as petrol prices have a direct impact on transportation, logistics and the cost of goods and services.

With global crude prices declining while domestic petrol prices continue to rise, attention is increasingly turning to local supply, refining, distribution and market dynamics as key factors determining the price Nigerians pay at filling stations.