Petrol price jumps to N1,310/litre, headed for N1,500 despite crude price drop

Petrol price jumped from N1,205 to N1,310 per litre on Saturday and is headed for N1,500/litre, even as international crude oil prices fell from $92 to $87.31 per barrel. This means Premium Motor Spirit (PMS) is getting more expensive despite cheaper global oil, with the 8.7% one-day increase signaling potential further hikes.

This affects every Nigerian who drives a car, runs a generator for home or business, or relies on transported goods for daily needs. Higher fuel costs directly increase transportation expenses, make food and goods more expensive due to higher logistics costs, and raise household budgets significantly—especially for those dependent on petrol-powered generators amid unreliable grid electricity.

You should track your fuel spending closely this week, consider carpooling or using public transport where available and safe, and factor potential further increases into your monthly budget planning. The disconnect between falling global prices and rising local costs suggests domestic factors like distribution costs, taxes, or market dynamics are driving the increase—stay informed about any official explanations from NNPC or petroleum regulators as this impacts your cost of living.

SOURCE: https://dailypost.ng/2026/08/30/nigerian-newspapers-10-things-you-need-to-know-sunday-morning-141/