BREAKING: Petrol Price Rises Again In Nigeria

Nigerians may be facing another increase in the price of Premium Motor Spirit (PMS), commonly known as petrol, following a fresh rise in pump prices recorded across parts of the country.

The latest development has heightened concerns that petrol could soon sell for as much as ₦1,500 per litre in some locations, after prices had already climbed to ₦1,400 and above in certain areas.

Checks conducted 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.

Ireporter Online gathered that several other petroleum marketers had also reviewed their pump prices upwards, with petrol reportedly selling between ₦1,315 and above ₦1,400 per litre, compared with the previous average of about ₦1,205.

The development has sparked fresh concerns among motorists and consumers, particularly because it comes at a time when international crude oil prices have recorded some declines.

The movement in domestic petrol prices appears to contrast with trends in the global crude oil market. Brent crude was reported to be trading at $88.10 per barrel, representing a 0.47 per cent decline, while West Texas Intermediate (WTI) dropped by 0.16 per cent to $83.40 per barrel.

However, some other crude benchmarks recorded gains during the period. 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 recorded a 1.53 per cent increase, reaching $89.52 per barrel.

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

The Daily Depot Price Intelligence Report for Friday, August 28, 2026, indicated that Warri recorded the highest PMS depot price among the monitored locations at ₦1,217 per litre. Port Harcourt followed at ₦1,214, while Calabar and Lagos recorded ₦1,204 and ₦1,202 per litre respectively.

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

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

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

Industry analysts have increasingly pointed out that petrol prices in Nigeria are not necessarily moving in direct proportion to international crude oil prices, with several domestic factors influencing the final pump price.

If elevated depot prices persist, motorists, businesses and households could face additional financial pressure. Petroleum marketers may also be compelled to maintain or further increase pump prices in order to cover operational expenses, transportation costs, financing charges and other associated costs.

The latest development is therefore likely to intensify concerns over rising transportation and living costs, particularly if petrol prices continue moving towards the ₦1,500-per-litre mark.