Petrol price heads to N1,500 per litre as crude prices drop

The price of petrol in Nigeria has risen to N1,310 per litre, despite a drop in international crude prices from $92 to $87.31 per barrel. Prices at Nigerian petrol depots remained high, reaching up to N1,217 per litre in Warri. Analysts note that domestic petrol prices are no longer moving in lockstep with crude prices, influenced by local factors such as product availability and refining margins.