Nigerian Fuel Prices Skyrocket Despite Global Oil Price Drop

Fuel prices in Nigeria have surged after major petrol marketers raised pump prices across the country. The price hikes come even as Brent crude dropped to $88.10 per barrel, highlighting the gap between global oil costs and local market rates.

The retail cost of Premium Motor Spirit (PMS) has reached N1,310 per litre in Lagos and surrounding areas, with some filling stations selling petrol above N1,400 per litre. MRS Oil Nigeria led the latest round of increases, moving its price up by N105 from N1,205 to N1,310 per litre.

The cost of petrol at supply depots across the country remains high, with Warri recording the highest depot price at N1,217 per litre. This is driving up retail prices at the pump, as marketers absorb high depot costs alongside transportation, storage, and financing charges.