Petrol Prices Surge as Marketers Raise Pump Costs to N1,310 and Above
By Aboki Forex —
Major fuel marketers have raised petrol prices across Nigeria, with pump prices now ranging from N1,310 to above N1,400 per litre. This comes even as Brent crude dropped to $88.10 per barrel, exposing a sharp gap between global oil costs and local retail prices.
The increase has sparked fears that petrol could soon breach the N1,500 mark in many filling stations.
Marketers Push Prices Higher
MRS Oil Nigeria led the latest round of increases, moving its price up by N105 from N1,205 to N1,310 per litre. Other filling stations followed, with prices at various outlets ranging from N1,315 to above N1,400 per litre, depending on location.
In Lagos and surrounding areas, the retail cost of Premium Motor Spirit (PMS) now reaches N1,310 per litre, and dealers warn that further hikes are likely as operating costs remain high.
Depot Costs Remain High
A key driver behind the pump-price increase is the cost of petrol at supply depots across the country, which stayed elevated as of Friday, August 28, 2026. Data from the Daily Depot Price Intelligence Report showed Warri recording the highest depot price at N1,217 per litre, followed by Port Harcourt at N1,214, Calabar at N1,204, and Lagos at N1,202 per litre.
In Warri, several depot operators priced their products between N1,210 and N1,217 per litre. Matrix sold at N1,217, while Liquid Bulk, Sigmund and T.S.L each sold at N1,215, and Masters at N1,210. Marketers absorbing these depot costs, along with transportation, storage and financing charges, have pushed retail prices upward.
Mixed Global Oil Prices
What makes the latest price rise stand out is that it is happening alongside a decline in some international crude benchmarks. Brent crude fell 0.47% to $88.10 per barrel, while West Texas Intermediate slipped 0.16% to $83.40 per barrel, according to OilPrice.com.
However, not all benchmarks moved in the same direction. Murban crude climbed 4.04% to $95.75 per barrel, the OPEC Basket rose 1.06% to $87.31, and the Indian Basket gained 1.53% to $89.52 per barrel.
Dangote Refinery Adjusts Prices
Earlier, Dangote Refinery raised its pump-out price of petrol to N1,265 per litre, up from the previous gantry rate of N1,200. The N65-per-litre increase took effect on Saturday, August 29, 2026, and was detailed in a price change circular issued by the refinery.
The refinery also adjusted its coastal Premium Motor Spirit (PMS) price upward from N1,582,380 to N1,669,545 per metric tonne, a rise of N87,165.
For Nigerian consumers, the new increases mean more pressure on household budgets as marketers pass on high depot and operating costs. With depot prices staying above N1,200 per litre, dealers fear pump prices could soon breach the N1,500 mark.