Petrol Prices Creep Toward ₦1,500 Per Litre Despite Fall in Global Crude Oil Costs

Motorists and commuters across the country face renewed financial pressure as retail pump prices of Premium Motor Spirit (PMS) climb toward ₦1,500 per litre, defying the recent downward trend in international crude oil prices.

Market surveys across major commercial hubs show that several retail outlets have adjusted their pump prices from roughly ₦1,205 to between ₦1,310 and upwards of ₦1,400 per litre. The sharp retail increases have emerged even as global crude benchmarks softened, with Brent crude slipping below $89 per barrel and West Texas Intermediate (WTI) dipping near $83 per barrel.

Energy market analysts point out that domestic fuel pricing in Nigeria is increasingly breaking away from direct correlation with crude oil prices. Instead, local downstream pricing is now heavily dictated by high depot charges, marine transportation expenses, port clearance levies, storage costs, and domestic refining supply balances.

Depot monitoring reports reveal that wholesale prices at major coastal loading points have remained consistently high, with ex-depot rates recorded at ₦1,202 per litre in Lagos, ₦1,204 in Calabar, and climbing to ₦1,217 per litre in Warri and Port Harcourt. With depot costs remaining steep, retail marketers have had to raise pump prices to protect operating margins and cover distribution logistics to inland stations.

The upward price adjustments have raised fresh concerns among commercial transporters, small business owners, and households. Economic observers warn that higher fuel expenses will quickly filter through the economy, driving up intercity transportation fares, increasing the landing cost of food items at local markets, and placing added strain on household budgets.