Nigerian Petrol Prices Soar Toward N1,500 Per Litre Despite Crude Price Drop

Nigeria's petrol pump prices have surged toward N1,500 per litre despite international crude benchmarks weakening. Major marketers raised retail rates from N1,205 to between N1,315 and over N1,400 per litre.

The premium Motor Spirit (PMS), also known as petrol, price jumped from N1,205 to N1,310 within a short period, heading toward N1,500 per litre. The development came despite a drop in crude prices in the international market from $92 per barrel to $87.31.

According to OilPrice.com, Brent crude stood at $88.10 per barrel, down 0.47%, while West Texas Intermediate (WTI) fell 0.16% to $83.40 per barrel. However, petrol prices at major Nigerian depots remained elevated, reaching as high as N1,217 per litre in the regions monitored on Friday, August 28, 2026.

Domestic depot prices are increasingly decoupled from global oil markets due to local refining, logistics, exchange rate, and supply factors. Analysts say that changes in crude prices do not translate immediately or proportionately into pump prices, and other factors such as refining margins, product availability, import parity, exchange rates, freight, marine logistics, storage, depot charges, financing costs, taxes, and competition among suppliers influence the price of products delivered to Nigerian depots.