The price of petrol in Nigeria has continued to rise, with retail prices reaching ₦1,310 per litre in parts of the country and concerns mounting that the pump price could soon approach ₦1,500 per litre.
Checks by Vanguard showed that MRS increased its petrol price in Lagos and neighboring areas from ₦1,205 to ₦1,310 per liter, while some other marketers were selling between ₦1,315 and above ₦1,400 per liter.
The increase comes despite a recent decline in international crude oil prices, highlighting the growing influence of domestic factors such as refinery pricing, product availability, logistics, exchange rates, storage, and financing costs on petrol prices in Nigeria.
Depot prices have also remained elevated. Data for August 28 showed PMS selling at about ₦1,217 per liter in Warri, ₦1,214 in Port Harcourt, ₦1,204 in Calabar, and ₦1,202 in Lagos.
With higher depot prices feeding into the downstream market, motorists may face further increases at filling stations if the trend continues. Analysts warn that another significant rise could have wider implications for transportation, logistics, food prices, and household expenses.
The latest development has therefore raised fresh concerns among Nigerians already struggling with the rising cost of living, as petrol prices continue to move upward despite softer global crude prices.