The price of petrol has risen further across parts of Nigeria, with the average retail price reaching about ₦1,212 per litre, even as international crude oil prices recorded a slight decline.
The increase represents a rise from about ₦1,158 per litre, while some depots in the country are now quoting considerably higher prices.
The most striking prices were recorded in Port Harcourt, where several depots reportedly sold petrol at between ₦1,668 and ₦1,735 per litre.
Prudent Depot reportedly recorded the highest quoted price at ₦1,735 per litre, while Zamson quoted ₦1,730 and other depots also recorded prices above ₦1,700.
At the retail end, MRS, NNPC and Ardova reportedly raised their prices to around ₦1,205 per litre, while Mobil and BOVAS also adjusted their prices upward.
The development is notable because it occurred despite a modest decline in international crude prices.
Brent crude reportedly fell from $88.60 to $88.42 per barrel, while the OPEC Basket, which includes Nigeria’s Bonny Light, also declined.
The divergence between global crude prices and domestic petrol prices highlights the multiple factors influencing Nigeria’s downstream petroleum market, including exchange-rate movements, logistics, refining economics, distribution costs and local market conditions.
The latest increase is likely to intensify concerns about transportation costs and household purchasing power, particularly as petrol remains a major input into the movement of people and goods across the country.
It also comes amid an increasingly heated political debate over the future of petrol subsidy, with opposition figures proposing different approaches to reducing the burden on consumers while the Federal Government maintains its position on subsidy removal.