Petrol Prices Surge Again in Nigeria Amid Declining Crude Oil Rates

Nigerian petrol prices have risen again, sparking concerns that the price of Premium Motor Spirit (PMS) could soon hit ₦1,500 per litre. The latest increase has been observed across parts of the country, with major downstream oil marketer MRS increasing its petrol price from ₦1,205 to ₦1,310 per litre in Lagos and neighbouring areas.

Other marketers have also adjusted their prices upwards, with petrol selling between ₦1,315 and above ₦1,400 per litre. This development comes amid a decline in international crude oil prices, raising questions about the factors driving petrol prices in Nigeria.

The OPEC Basket price has increased by 1.06% to $87.31 per barrel, while Brent crude was trading at $88.10 per barrel, representing a decline of 0.47%. Despite this mixed movement in the international crude market, domestic petrol depot prices remain elevated.