Petrol price hits N1,310 per litre as MRS, Dangote stations adjust

Nigerian motorists are facing another petrol price increase after MRS and Dangote-backed filling stations raised their pump price to N1,310 per litre in Lagos and surrounding areas. The latest increase represents a sharp rise from about N1,205 per litre, adding fresh pressure to households, transport operators and businesses already battling elevated operating costs.

Other filling stations also adjusted their prices, with several marketers selling petrol for between N1,315 and above N1,400 per litre, compared with levels below N1,270 previously. The pump price increases followed a reported adjustment by the Dangote Refinery, which raised its petrol price by N65, from N1,200 to N1,265 per litre.

Depot prices and refinery decisions drive costs

The refinery's pricing decision has quickly filtered through the downstream market, with marketers adjusting their retail prices to reflect higher acquisition costs and other expenses. The latest development highlights how increasingly important domestic supply and refining economics have become in determining petrol prices in Nigeria.

The Daily Depot Price Intelligence Report showed Warri recording PMS at as much as N1,217 per litre, followed by Port Harcourt at N1,214, Calabar at N1,204 and Lagos at N1,202. In Warri, Liquid Bulk sold at N1,215 per litre, Masters at N1,210, Matrix at N1,217, Sigmund at N1,215 and T.S.L at N1,215. In Lagos, Aiteo was listed at N1,200, while Dangote's depot price was reported at N1,260 per litre.

Crude oil falls but pump prices stay high

The latest increase is particularly striking because international crude oil prices have moved in the opposite direction. Brent crude was reported at around $88.10 per barrel, while West Texas Intermediate stood at approximately $83.40 per barrel, with both benchmarks recording declines. The OPEC Basket, however, was reported at $87.31 per barrel, while Murban crude rose to $95.75 and the Indian Basket climbed to $89.52.

The contrasting movements underline an important reality: falling crude prices do not automatically translate into cheaper petrol at Nigerian filling stations. Domestic depot prices have remained relatively high across several regions.

What drives the final pump price

Crude oil is only one component of the final price motorists pay. Other factors include refining margins, exchange rates, product availability, transportation, marine logistics, storage, depot charges, financing costs, taxes and marketers' margins. Consequently, a decline in global crude prices may take time to filter through the domestic petroleum market, particularly when other costs remain elevated.

In a related move, the Nigerian National Petroleum Company Limited (NNPCL) has raised its Premium Motor Spirit (PMS) pump price again. A market survey conducted on Tuesday, August 25, 2026, during the Eid-ul-Mawlid public holiday, found that NNPCL retail outlets in Abuja and its environs now sell petrol at N1,270 per litre, up from N1,250, a N20 increase.

Impact on businesses and households

Higher petrol prices could have broader consequences for the Nigerian economy. Transport operators may face increased running costs, while logistics companies could pass higher expenses to customers. Food distributors may also face additional transportation costs, potentially adding pressure to already elevated consumer prices.

However, expanding domestic refining capacity could eventually strengthen competition among suppliers and give motorists more pricing options. For now, the latest price movement suggests Nigeria's petrol market is increasingly shaped by local refining, depot prices, supply conditions, logistics and market competition, rather than international crude prices alone.