Petrol Prices Adjust as Crude Oil Surges Above $107

On September 10, Nigerian petroleum marketers announced new wholesale petrol prices in response to a surge in international crude oil prices, which exceeded $107 per barrel, marking an 8% increase in four days. In Lagos, petrol prices remained stable at most depots, with MRS at N1,267 per litre and Pinnacle at N1,273.

A.A. Rano increased its price slightly to N1,272.

In Port Harcourt, operators like Liquid Bulk and Masters reduced prices to N1,267 per litre, while Matrix maintained its price at N1,285. Warri showed mixed pricing, with Matrix and Prudent at N1,285, and Rain Oil dropping its price from N1,300 to N1,280.

Diesel prices experienced more volatility, with Ibeto raising its price to N1,950 per litre in Lagos. The Nigerian National Petroleum Company Limited (NNPCL) previously raised the pump price of Premium Motor Spirit (PMS), affecting costs in Abuja.

Marketers are now using N1,300 per litre for petrol and N2,000 per litre for diesel as informal benchmarks for future purchases.