Petrol Pump Price Climbs Again, Sparks Fresh Concerns

Nigerians may be facing another round of petrol price increases as the pump price of Premium Motor Spirit (PMS), popularly known as petrol, has risen sharply in parts of the country.

The latest development has fuelled concerns that petrol prices could approach ₦1,500 per litre, with the product already selling for ₦1,400 or more in some locations.

Checks on Saturday showed that major downstream oil marketer MRS had increased its petrol price in Lagos and neighbouring areas from ₦1,205 to ₦1,310 per litre.

According to Vanguard, other oil marketers have also adjusted their prices upwards, with petrol now selling between ₦1,315 and above ₦1,400 per litre, compared with the previous average of around ₦1,205.

The price increase is coming despite a decline in some international crude oil benchmarks, raising fresh questions about the factors influencing petrol prices in Nigeria.

The latest movement in domestic petrol prices appears to contrast with developments in the international crude oil market.

Data from OilPrice.com showed that Brent crude was trading at $88.10 per barrel, representing a 0.47 per cent decline.

Similarly, West Texas Intermediate (WTI) fell by 0.16 per cent to $83.40 per barrel.

However, some other crude benchmarks recorded gains. Murban crude rose by 4.04 per cent to $95.75 per barrel, while the OPEC Basket increased by 1.06 per cent to $87.31 per barrel.

The Indian Basket also gained 1.53 per cent to reach $89.52 per barrel.

Despite the mixed performance of international crude benchmarks, domestic petrol depot prices have remained relatively high.

The Daily Depot Price Intelligence Report for Friday, August 28, 2026, showed that Warri recorded the highest PMS depot price among the monitored locations at ₦1,217 per litre.

Port Harcourt followed at ₦1,214 per litre, while Calabar and Lagos recorded ₦1,204 and ₦1,202 per litre respectively.

The lowest reported price was ₦1,203 per litre, recorded at the Mainland and Soroman depots in Calabar.

In Warri, Liquid Bulk sold petrol at ₦1,215 per litre, Masters at ₦1,210, while Matrix was listed at ₦1,217. Sigmund and T.S.L both sold at ₦1,215 per litre.

In Lagos, the Aiteo and Dangote depots were both listed at ₦1,200 per litre.

Analysts have increasingly observed that Nigeria’s domestic petrol market does not always move in direct response to fluctuations in international crude oil prices.

The latest increase could have broader implications for motorists, businesses and households if elevated depot prices persist.

Oil marketers could come under further pressure to maintain or raise pump prices in order to protect their margins, particularly amid high transportation, financing and other operational costs.