Nigeria Petrol Price Hits Record High Despite Crude Oil Drop

The price of petrol in Nigeria has surged to ₦1,310 per litre despite a decline in international crude oil prices.

This represents a 9% increase from the previous pump price of ₦1,205 per litre in Lagos and surrounding areas.

Major downstream operator MRS adjusted its retail price to ₦1,310 per litre, while other filling stations increased their prices to between ₦1,315 and above ₦1,400 per litre.

Nigeria's expanding domestic refining capacity is changing the structure of the downstream market, with locally refined products increasingly competing with imported supplies.