Nigeria Sees Surge in Petrol Prices Amid Market Changes

The price of Premium Motor Spirit (PMS), commonly known as petrol, has increased across Nigeria, with concerns that it may soon reach ₦1,500 per litre. Major downstream oil marketer MRS raised its petrol price from ₦1,205 to ₦1,310 per litre in Lagos and surrounding areas.

Other marketers have also adjusted their prices, with petrol now selling between ₦1,315 and ₦1,400 per litre, compared to the previous price of about ₦1,205. This increase occurs despite a decline in international crude oil prices, with Brent crude trading at $88.10 per barrel, down by 0.47%.

The Daily Depot Price Intelligence Report indicated that Warri had the highest PMS price at ₦1,217 per litre, while Lagos recorded prices around ₦1,200 per litre. Analysts have observed that the Nigerian petrol market is not aligning with international crude oil prices, suggesting that high depot prices may compel marketers to maintain or raise pump prices, impacting motorists and businesses.