August 29, 2026
By Udeme Akpan & Ediri Ejoh
Despite a five per cent drop in crude oil prices to $87.31 per barrel from $92, the domestic price of Premium Motor Spirit, PMS, also known as petrol, rose by nine per cent to N1,310 per litre from N1,205 per litre yesterday.
Checks by Vanguard showed that MRS, a major downstream player, increased its retail price to N1,310 per litre from N1,205 per litre in Lagos and its environs.
The checks further showed that other marketers raised their retail prices to between N1,315 and above N1,400per litre, from less than N1,270 per litre.
