Petrol Price Heads Towards N1,500 Per Litre Despite Drop in Crude Oil Prices

The price of Premium Motor Spirit (PMS), popularly known as petrol, is heading towards N1,500 per litre in parts of Nigeria after major oil marketers increased pump prices from about N1,205 to N1,310 per litre.
The latest increase came despite a decline in international crude oil prices, raising concerns among motorists and businesses over the widening gap between global crude prices and domestic petrol prices.
Checks showed that MRS, a major downstream petroleum marketer, increased its petrol pump price to N1,310 per litre in Lagos and surrounding areas, from N1,205 previously.
Other marketers also adjusted their prices upward, with petrol selling between N1,315 and above N1,400 per litre in some locations.
Depot Prices Remain Elevated
Nigeria’s domestic petrol depot prices have also remained high, indicating that pump prices are increasingly being influenced by local market conditions rather than crude oil prices alone.
According to the Daily Depot Price Intelligence Report for Friday, August 28, 2026, 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.
In Warri, Liquid Bulk sold petrol at N1,215 per litre, Masters at N1,210, Matrix at N1,217, Sigmund at N1,215 and T.S.L at N1,215.
In Lagos, Aiteo and Dangote depots were both listed at N1,200 per litre.
Crude Oil Prices Decline
The development is coming despite weaker crude oil prices in the international market.
According to OilPrice.com, Brent crude stood at $88.10 per barrel, down 0.47 per cent, while West Texas Intermediate (WTI) declined 0.16 per cent to $83.40 per barrel.
However, other benchmarks moved higher. Murban crude rose 4.04 per cent to $95.75 per barrel, while the OPEC Basket increased 1.06 per cent to $87.31 and the Indian Basket climbed 1.53 per cent to $89.52.
Why Petrol Prices Are Rising
Analysts say the Nigerian petrol market no longer moves directly in line with international crude oil prices.
Several factors influence the final pump price, including refining margins, product availability, import parity, foreign exchange rates, freight and marine logistics, storage and depot charges, financing costs, taxes and competition among suppliers.
Although crude oil is a major input in producing refined petroleum products, a decline in crude prices does not necessarily translate immediately into cheaper petrol at Nigerian filling stations.
The growing presence of locally refined petroleum products, including products supplied from domestic refineries, is also changing the structure of Nigeria’s downstream market as locally refined products compete with imported supplies.
With depot prices already exceeding N1,200 per litre and pump prices above N1,300 in some locations, further increases could push petrol prices towards the N1,500-per-litre mark, depending on supply, logistics, exchange-rate movements and prevailing market conditions.
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