Petrol price rises 9% to N1,310/litre despite falling crude oil prices - Report

The price of Premium Motor Spirit (PMS) rose by 9% to N1,310 per litre, despite a 5% drop in crude oil prices to $87.31 per barrel. Retail prices from other marketers ranged between N1,315 and over N1,400 per litre. Petrol depot prices in Nigeria continue to diverge from international benchmarks, highlighting the growing influence of local conditions on fuel prices.