LAGOS — The price of Premium Motor Spirit (PMS), popularly known as petrol, is showing fresh signs of a possible rise towards N1,500 per litre, after major marketers increased pump prices from about N1,205 to between N1,310 and above N1,400 per litre.
The latest increase came despite a decline in international crude oil prices, with the benchmark price falling from about $92 to $87.31 per barrel, highlighting the widening disconnect between global crude prices and Nigeria’s domestic petrol market.
Checks by Sunday Vanguard showed that MRS, a major downstream petroleum marketer, raised its retail price in Lagos and surrounding areas to N1,310 per litre, from N1,205.
Other marketers also adjusted their pump prices upwards, with petrol now selling for between N1,315 and above N1,400 per litre, depending on the location and outlet.
The development has renewed concerns over the factors driving petrol prices in Nigeria, as domestic depot prices continue to move independently of international crude oil benchmarks.
According to data from OilPrice.com, Brent crude was trading at $88.10 per barrel, representing a decline of 0.47 per cent, while West Texas Intermediate (WTI) fell 0.16 per cent to $83.40 per barrel.
Despite the decline in global crude prices, petrol prices at major Nigerian depots remained elevated, reaching as high as N1,217 per litre in some locations as of Friday, August 28, 2026.
The Daily Depot Price Intelligence Report showed that Warri recorded the highest PMS depot price at N1,217 per litre, followed by Port Harcourt at N1,214, Calabar at N1,204 and Lagos at N1,202 per litre.
The lowest reported price was N1,203 per litre, recorded at the Mainland and Soroman depots in Calabar.
In Warri, Liquid Bulk sold PMS at N1,215 per litre, Masters at N1,210, Matrix at N1,217, Sigmund at N1,215 and T.S.L at N1,215 per litre.
In Lagos, Aiteo and Dangote depots were both listed at N1,200 per litre.
The latest figures suggest that domestic petrol prices are increasingly being influenced by factors beyond the international price of crude oil.
Although crude oil remains a major input in the production of refined petroleum products, movements in crude prices do not necessarily translate immediately or proportionately into changes in pump prices.
Industry analysts said factors such as refining margins, product availability, import parity, foreign exchange rates, freight and marine logistics, storage and depot charges, financing costs, taxes and competition among suppliers can significantly affect the final price of petrol.
The development therefore underscores the growing influence of local supply dynamics, refining capacity, logistics and market conditions on the price of petrol delivered to Nigerian depots and ultimately sold to consumers.
With marketers already raising pump prices above the N1,300 per-litre threshold in several locations, motorists and other consumers may face further increases if current market pressures persist.
Credit: Vanguard
