- Major fuel marketers have raised petrol prices from about N1,205 to between N1,310 and above N1,400 per litre across Nigeria
- The price hikes came even as Brent crude dropped to $88.10 per barrel, exposing the gap between global oil costs and local pump prices
- Depot prices across Warri, Port Harcourt, Calabar and Lagos remain above N1,200 per litre, keeping pressure on filling station operators
Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
Major petrol marketers in Nigeria have pushed pump prices higher, with the retail cost of Premium Motor Spirit (PMS) now reaching N1,310 per litre in Lagos and surrounding areas, raising fears that prices could soon breach the N1,500 mark.
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 suit, with prices at various outlets ranging from N1,315 to above N1,400 per litre depending on location.
Photo: Bloomberg
Source: Getty Images
Depot Prices Fuel the Pressure
A key driver behind the pump-price increases is the cost of petrol at supply depots across the country, which remained high 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.
When marketers absorb high depot costs alongside transportation, storage and financing charges, retail prices at the pump tend to move upward accordingly.
Photo: Bloomberg
Source: Getty Images
Crude Oil Drop Has Little Effect
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 opens petrol sales to all marketers
Earlier, Legit.ng reported that Dangote Refinery has raised the pump-out price of petrol to N1,265 per litre, up from the previous gantry rate of N1,200, with the change taking effect on Saturday, August 29, 2026.
The N65-per-litre increase was detailed in a price change circular issued by the refinery and cited by Petroleumprice.ng.
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.
Source: Legit.ng