Petrol hits N1,212 per litre despite crashing crude costs

Petrol prices across Nigeria have risen by an average of 4.7 per cent — from N1,158 to N1,212 per litre — despite a decline in global crude oil prices, with depot prices in Port Harcourt reaching as high as N1,735 per litre, triggering fresh public concern.

As reported by Vanguard, Brent crude dropped to $88.42 per barrel while Nigeria’s Bonny Light fell from over $94 to $90.28 per barrel — yet MRS, NNPC and Ardova all raised retail prices to N1,205 from N1,125 per litre.

Port Harcourt recorded the highest depot prices, with Prudent Depot topping at N1,735 per litre, followed by Zamson and Rain Oil at N1,730 and N1,732 respectively. Lagos prices remained comparatively lower, with MRS posting N1,207 per litre. Dangote Refinery quoted N1,200 per litre.

The disconnect between falling global crude prices and rising domestic pump prices has deepened consumer frustration.