In a surprising turn of events, petrol prices have surged across Nigeria, with major marketers raising the retail cost of Premium Motor Spirit (PMS) significantly. Prices have climbed from approximately N1,205 to between N1,310 and N1,400 per litre in various locations, raising concerns among consumers and industry observers alike.

The latest adjustments in fuel prices come despite a drop in global crude oil rates. As of August 28, 2026, Brent crude was priced at $88.10 per barrel, a decline of 0.47%. However, this decrease has not translated into lower petrol prices at the pump, highlighting a growing disconnect between international oil prices and local retail costs.

MRS Oil Nigeria has been at the forefront of this price hike, increasing its petrol price by N105 to N1,310 per litre. Other filling stations have followed suit, with some outlets now charging upwards of N1,400 per litre, depending on their location. This trend has raised fears that prices could soon breach the N1,500 mark, further straining the budgets of many Nigerians.

The high depot prices are a significant factor driving these increases. Recent data from the Daily Depot Price Intelligence Report indicates that depot prices in key cities are also elevated. Warri has the highest depot price at N1,217 per litre, followed closely by Port Harcourt at N1,214, Calabar at N1,204, and Lagos at N1,202. The cost of petrol at these depots, coupled with transportation, storage, and financing charges, has led to the upward pressure on retail prices.

In Warri, several depot operators have set prices between N1,210 and N1,217 per litre. For instance, Matrix sold at N1,217, while Liquid Bulk, Sigmund, and T.S.L each priced their products at N1,215. These high depot prices inevitably impact what consumers pay at the pump.

Adding to the complexity of the situation, the recent adjustments at the Dangote Refinery have also influenced market dynamics. The refinery increased its pump-out price of petrol to N1,265 per litre, up from N1,200, effective August 29, 2026. This adjustment reflects a broader trend of rising costs within the sector, as the refinery also adjusted its coastal PMS price upwards.

As the nation grapples with these rising fuel costs, many Nigerians are left wondering how these price hikes will affect their daily lives and the broader economy. With the potential for further increases looming, consumers are urged to prepare for continued fluctuations in fuel prices in the coming weeks.