The domestic price of Premium Motor Spirit (petrol) in Nigeria rose by nine per cent to N1,310 per litre from N1,205 per litre, despite a five per cent drop in crude oil prices to $87.31 per barrel. Checks by Vanguard showed that MRS increased its retail price in Lagos and environs, while other marketers raised prices to between N1,315 and above N1,400 per litre. This development highlights the growing influence of local supply, refining, logistics, and market conditions on downstream fuel prices, as domestic depot prices diverge from international crude benchmarks.
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