Petrol Prices Rise to ₦1,310–₦1,400 Despite Softer Crude Oil Prices
Petrol prices have risen across Lagos and other parts of Nigeria, with MRS reportedly increasing its pump price from ₦1,205 to ₦1,310 per litre. Other marketers were selling between ₦1,315 and above ₦1,400 per litre. The increase comes as international crude oil prices softened. However, depot prices remained high, reaching up to ₦1,217 per litre in Warri, while prices in Port Harcourt, Calabar and Lagos were also above ₦1,200 per litre. Analysts say pump prices do not move in direct proportion to crude prices. Exchange rates, refining and import costs, freight, depot charges, product availability and financing costs can all affect the final price paid by motorists. Higher petrol prices could further raise transport, food distribution and inflation costs.
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