Nigerian Petrol Price Jumps 9% as Crude Oil Prices Fall
Nigeria's domestic petrol price has risen by nine per cent to N1,310 per litre despite a five percent drop in crude oil prices. This is according to a recent report by Vanguard News.
The increase in domestic petrol price comes as Nigeria's refining industry continues to expand, with locally refined products increasingly competing with imported petroleum products.
Despite the fall in international crude oil benchmarks, petrol prices at major Nigerian depots remain elevated. The Daily Depot Price Intelligence Report showed that Warri recorded the highest PMS price at N1,217 per litre, followed by Port Harcourt at N1,214, Calabar at N1,204 and Lagos at N1,202 per litre.
The divergence between crude and domestic petrol prices could have significant implications for filling stations, motorists, and the wider Nigerian economy. Marketers may face pressure to maintain or increase pump prices to protect margins, particularly where transportation, financing, and other operating costs remain high.