The pump price of Premium Motor Spirit (PMS), popularly known as petrol, is heading towards N1,500 per litre following another sharp increase in retail prices across parts of Nigeria.
The latest development came despite a decline in international crude oil prices, which fell from about $92 per barrel to $87.31 per barrel.
Checks on Friday showed that MRS, a major downstream petroleum marketer, increased its retail price from N1,205 to N1,310 per litre in Lagos and neighbouring areas.
Other marketers also adjusted their pump prices upwards, with petrol selling between N1,315 and above N1,400 per litre, depending on the location and outlet.
The latest increases have raised concerns among motorists and consumers, particularly as the movement in domestic petrol prices appears disconnected from the decline in international crude oil benchmarks.
Analysts attributed the trend to several domestic factors, including local supply conditions, refining costs, logistics, depot prices and broader market dynamics influencing the downstream petroleum sector.
According to OilPrice.com, Brent crude was trading at $88.10 per barrel, representing a 0.47 per cent decline, while West Texas Intermediate (WTI) fell by 0.16 per cent to $83.40 per barrel.
Despite the decline in crude prices, petrol depot prices across major locations in Nigeria remained elevated.
The Daily Depot Price Intelligence Report showed that PMS prices reached as high as N1,217 per litre in some regions on Friday, August 28, 2026.
Warri recorded the highest 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, while Masters sold at N1,210. Matrix recorded N1,217, with Sigmund and T.S.L selling at N1,215 per litre.
The continued rise in petrol prices, despite softer international crude prices, underscores the growing impact of domestic supply and distribution factors on fuel pricing in Nigeria.
If the current trend persists, pump prices could move closer to the N1,500 per litre mark, further increasing transportation and living costs for Nigerians.
