Despite a decline in crude oil prices, Nigerian petrol stations have increased pump prices to N900 per litre and above, with some outlets selling as high as N925.
This price hike has occurred across Lagos, Ogun, and other regions, even though crude prices dropped from nearly $69 to $66 per barrel.
According to reports, Major suppliers like TotalEnergies and Asharami sold petrol at N910 and N905 respectively, while depot prices among suppliers averaged N855 per litre. The price increase happened despite the global oil market experiencing its steepest weekly losses since June, with Brent crude falling to around $66.59 per barrel amid geopolitical tensions and economic concerns. Marketers expect prices may drop later in the week.
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