The price of Premium Motor Spirit (PMS), popularly known as petrol, has increased from N1,205 to N1,310 per litre, raising concerns that pump prices could soon approach N1,500 per litre.
The latest increase came despite a decline in international crude oil prices from about $92 to $87.31 per barrel.
Checks by Sunday Vanguard showed that MRS raised its retail price to N1,310 per litre in Lagos and surrounding areas, while other marketers adjusted their prices to between N1,315 and above N1,400 per litre.
The movement in domestic petrol prices has continued to differ from international crude oil trends, with analysts pointing to local supply conditions, refining, transportation and other market factors as major influences.
According to OilPrice.com, Brent crude stood at $88.10 per barrel, down 0.47 per cent, while West Texas Intermediate (WTI) fell 0.16 per cent to $83.40 per barrel.
Despite the decline in crude prices, petrol remained expensive at major Nigerian depots. The Daily Depot Price Intelligence Report showed that depot prices reached as high as N1,217 per litre 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.
Mainland and Soroman depots in Calabar recorded the lowest reported price at N1,203 per litre.
In Warri, Liquid Bulk sold 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.
The figures show that domestic petrol prices are not necessarily moving in line with international crude prices, as several other costs influence the final price paid by consumers.
These factors include refining margins, product availability, exchange rates, import parity, freight and marine logistics, storage and depot charges, financing costs, taxes and competition among suppliers.
The situation also comes amid the increasing presence of locally refined petroleum products, which are competing with imported supplies.
International crude markets remained mixed during the period. While Brent and WTI recorded declines, Murban crude increased by 4.04 per cent to $95.75, the OPEC Basket rose 1.06 per cent to $87.31, while the Indian Basket gained 1.53 per cent to $89.52.
The continued gap between crude prices and domestic petrol prices could put further pressure on motorists, filling stations and businesses if elevated depot prices persist.
Higher petrol costs could also trigger increases in transportation, logistics, food distribution and other operating expenses, potentially adding to inflationary pressures.
However, stronger competition among domestic refiners and suppliers could help limit future pump price increases if alternative sources of petrol become more available.
The latest development indicates that Nigeria’s petrol market is increasingly being driven by domestic supply, refining capacity, logistics and market conditions, rather than international crude prices alone.
