Marketers Increase Depot Petrol Prices
Petrol marketers have raised depot prices across Nigeria following a fresh surge in global crude oil prices.
The adjustment comes as tensions escalate in the Middle East, creating uncertainty in international energy markets.
Industry data monitored by PetroleumPriceNG showed that depot operators increased Premium Motor Spirit (PMS) prices to reduce potential losses from volatile crude oil movements.
Crude Oil Prices Climb After US-Iran Conflict
Global oil prices moved higher after reports of military exchanges between the United States and Iran near the Strait of Hormuz.
The strategic waterway remains one of the world’s most important routes for crude oil transportation.
As of early Wednesday trading, Brent crude gained 1.03 percent to reach $92.39 per barrel. Similarly, West Texas Intermediate (WTI) crude rose 0.91 percent to $89.00 per barrel.
Market sentiment shifted after reports indicated that U.S. forces targeted Iranian military infrastructure, including radar and air defence facilities.
While U.S. officials described the operation as a defensive measure, Iran rejected the allegations and accused Washington of escalating tensions.
Consequently, traders raised concerns about possible disruptions to global oil supply chains.
Latest Depot Petrol Prices Across Nigeria
Following the increase in crude oil prices, several fuel depots adjusted their rates upward.
The latest prices include:
- AIPEC – N1,247 per litre
- RainOil Lagos – N1,248 per litre
- Integrated Depot – N1,247 per litre
- Liquid Bulk – N1,248 per litre
Industry stakeholders said the increases serve as precautionary measures against further volatility in the international oil market.
Competition Intensifies in Fuel Market
Meanwhile, the latest price adjustments come despite a recent decline in the landing cost of imported petrol.
Data released by the Major Energy Marketers Association of Nigeria (MEMAN) showed that imported petrol landed at N1,117 per litre as of June 4, 2026.
That figure remained significantly below the Dangote Refinery ex-depot price of N1,250 per litre, creating a difference of N133 per litre.
As a result, competition between fuel importers and local refiners has intensified.
Industry observers believe the pricing gap could influence market dynamics in the coming weeks.
Analysts Warn of Further Increases
Experts have warned that prolonged instability in the Middle East could trigger additional increases in fuel prices.
According to financial analyst Osas Igho, rising crude oil prices may eventually affect transportation costs and household expenses across Nigeria.
He noted that any further escalation could place more pressure on consumers and businesses.
Strait of Hormuz Remains Critical
Although oil supply routes remain open, traders continue to monitor developments around the Strait of Hormuz closely.
The route handles a significant share of global crude exports, making it a critical component of the international energy market.
Therefore, any disruption involving shipping activities or oil infrastructure could push crude prices higher and trigger another round of fuel price adjustments.
Dangote Refinery Also Adjusts Prices
The development comes shortly after Dangote Refinery revised its petrol pricing structure.
The refinery had previously reduced its ex-depot price from N1,275 per litre to N1,250 per litre.
However, fresh market data now indicate an upward adjustment as operators respond to changing global oil market conditions.
Industry watchers expect fuel prices to remain sensitive to international developments as geopolitical tensions continue to influence crude oil markets.
