Petrol Prices Hit N1,310 as Marketers Adjust Rates

Petrol prices in Nigeria have risen significantly, with the retail cost of Premium Motor Spirit (PMS) reaching N1,310 per litre in Lagos and surrounding areas. This increase, led by MRS Oil Nigeria, marks a N105 rise from the previous price of N1,205 per litre.

Other filling stations have adjusted their prices, with some outlets charging between N1,315 and above N1,400 per litre. The price hikes are attributed to high depot costs, which remained elevated as of Friday, August 28, 2026.

The Daily Depot Price Intelligence Report indicated that Warri had the highest depot price at N1,217 per litre. Additionally, the refinery announced a new gantry rate of N1,265 per litre effective Saturday, August 29, 2026, up from N1,200, and adjusted its coastal PMS price from N1,582,380 to N1,669,545 per metric tonne.

Despite a decline in some international crude benchmarks, local petrol prices continue to rise.