Petrol Price Hits N1,310 as Domestic Prices Diverge from Crude Oil Benchmarks

The price of premium Motor Spirit (PMS), also known as petrol, has reached N1,310 per litre in Lagos and environs after jumping from N1,205. This increase comes despite a drop in crude prices in the international market from $92 to $87.31.

Nigeria's domestic petrol depot prices have been moving differently from international crude oil benchmarks, highlighting the growing influence of local supply, refining, logistics, and market conditions on downstream fuel prices.

The divergence between crude and domestic petrol prices could have significant implications for filling stations, motorists, and the wider Nigerian economy. If depot prices remain elevated despite softer international crude benchmarks, marketers may face pressure to maintain or increase pump prices to protect margins.