The price of petrol is approaching N1,500 per litre in some parts of Nigeria, with pump prices already exceeding N1,300 despite a recent decline in international crude oil prices.
In Lagos, petrol prices have risen to about N1,310 per litre, while some filling stations are selling the product for more than N1,400 per litre.
The development has also been reflected in depot prices across the country. As of Friday, August 28, petrol was sold at about N1,217 per litre in Warri, N1,214 in Port Harcourt and N1,204 in Calabar.
In Lagos, the prices at some major depots, including Aiteo and Dangote, were around N1,200 per litre.
The latest increase comes despite lower crude oil prices in the international market. Brent crude was trading at about $88.10 per barrel, while West Texas Intermediate stood at approximately $83.40 per barrel.
Industry operators, however, note that crude oil prices are only one factor determining the pump price of petrol. Exchange rates, transportation costs, logistics, storage, financing, refining expenses and depot charges also affect the final price paid by consumers.
