Nigerians may be heading for another round of petrol price increases as the pump price of Premium Motor Spirit (PMS), popularly known as petrol or fuel, has suddenly increased across parts of the country.
The latest increase has raised concerns that the price of petrol could soon hit ₦1,500 per litre, after the product sold for as much as ₦1,400 and above in some locations.
Checks by journalists on Saturday showed that major downstream oil marketer, MRS, increased its petrol price from ₦1,205 to ₦1,310 per litre in Lagos and neighbouring areas.
According to Vanguard, other marketers also adjusted their prices upwards, with petrol selling between ₦1,315 and above ₦1,400 per litre, compared with the previous price of about ₦1,205.
Naija News reports that the development is coming amid a decline in international crude oil prices, raising fresh questions about the factors currently driving petrol prices in Nigeria.
The latest increase in domestic petrol prices contrasts with developments in the international crude oil market.
According to OilPrice.com, Brent crude was trading at $88.10 per barrel, representing a decline of 0.47 per cent.
West Texas Intermediate (WTI) also fell by 0.16 per cent to $83.40 per barrel.
However, other crude benchmarks recorded increases, with Murban crude rising by 4.04 per cent to $95.75 per barrel.
The OPEC Basket also increased by 1.06 per cent to $87.31 per barrel, while the Indian Basket rose by 1.53 per cent to $89.52 per barrel.
Despite the mixed movement in the international crude market, domestic petrol depot prices have remained elevated.
The Daily Depot Price Intelligence Report for Friday, August 28, 2026, showed that Warri recorded the highest PMS price among the regions monitored, at ₦1,217 per litre.
Port Harcourt followed at ₦1,214, while Calabar and Lagos recorded ₦1,204 and ₦1,202 per litre, respectively.
The lowest reported price was ₦1,203 per litre, recorded at the Mainland and Soroman depots in Calabar.
In Warri, Liquid Bulk sold petrol at ₦1,215 per litre, Masters at ₦1,210, Matrix at ₦1,217, while Sigmund and T.S.L sold at ₦1,215 per litre.
In Lagos, Aiteo and Dangote depots were both listed at ₦1,200 per litre. Analysts have noted that the Nigerian petrol market is no longer moving directly in line with international crude oil prices.
The latest increase could have wider consequences for motorists, businesses and households if depot prices remain high.
Marketers may be forced to maintain or increase pump prices to protect their profit margins, particularly as transportation, financing and other operating expenses remain significant.
