Petrol prices are rising again across Nigeria as major depot operators and filling stations adjust their rates upward in response to the continued surge in global crude oil prices. As of Monday, May 18, 2026, Brent crude crossed the $110 per barrel mark, raising fresh concerns across global energy markets and putting additional pressure on fuel prices in Nigeria.
Global Crude Oil Prices Surge
Data from Oilprice.com showed that Brent crude rose to $110.7 per barrel on Sunday, May 17, representing a 1.44 percent increase. West Texas Intermediate (WTI) traded at $106.8 per barrel, while Murban crude sold at $106.7 per barrel, slightly lower than the previous day's figure. The latest rally in crude prices is largely linked to growing geopolitical tensions around the Strait of Hormuz, a major global oil transit route. The ongoing standoff involving the United States and Iran has intensified fears of supply disruptions, pushing global oil prices higher.
IEA Warns of Tightening Global Supply
The International Energy Agency (IEA) has warned that global oil markets are becoming increasingly strained as supply continues to tighten while demand remains relatively stable. Recent projections from the agency indicate that oil supply could decline significantly in 2026, creating a widening gap between production and global consumption. A major factor behind this pressure is the disruption of key shipping and export routes, especially around the Strait of Hormuz, which handles a significant portion of global crude shipments. This disruption has reduced crude exports from major oil-producing nations and contributed to falling global inventories.
Several producers, including Saudi Arabia, Iraq, Iran, and Kuwait, have also recorded output declines due to geopolitical tensions and logistical challenges, further reducing market flexibility. The IEA noted that if current conditions persist, the world may increasingly depend on strategic reserves and stored inventories to maintain short-term supply stability. However, analysts warn that these reserves are being depleted faster than expected, reducing the global system's ability to absorb prolonged disruptions.
Nigerian Depots Raise Petrol Prices
The rise in international crude prices has forced Nigerian depot operators to increase petrol loading costs to avoid losses. According to data from PetroleumPriceNG, several major marketers and depot owners have already adjusted their ex-depot prices upward. Findings show that Matric Warri raised its petrol price to N1,295 per litre, while Bono now sells at N1,279 per litre. RainOil Delta increased its rate to N1,315 per litre, while Ardova Plc (AP) adjusted its price to N1,278 per litre. These increases at the depot level are now being reflected directly at retail filling stations across the country.
MRS and AP Stations Adjust Pump Prices
Market surveys indicate that MRS retail outlets, one of the major distributors of Dangote refinery petrol, are now selling PMS at N1,320 per litre in parts of Lagos and Ogun states. Other filling stations are also gradually adjusting their pump prices as marketers respond to the higher landing and depot costs. The upward movement has triggered fresh concerns among consumers already struggling with rising living expenses.
Nigerians Face Higher Transport and Food Costs
Energy experts say the fresh petrol hike will further increase pressure on Nigerian households, especially as transportation costs continue to rise. They noted that higher fuel prices often lead to an immediate increase in logistics expenses, which eventually affects food prices, goods, and essential services. According to them, the latest adjustment could significantly weaken purchasing power, reduce disposable income, and worsen inflationary pressure across the economy. For many Nigerians, the renewed rise in petrol prices means tighter household budgets and increased hardship as inflation continues to squeeze earnings.
Petrol Depot Prices Cross N1,300 per Litre
Legit.ng earlier reported that petrol depot prices have surged past the N1,300 per litre mark across Nigeria as global crude oil prices remain unstable, triggering fresh concerns over another round of pump price increases at filling stations nationwide. Industry data shows that private depot owners are raising Premium Motor Spirit (PMS), commonly known as petrol, prices in response to rising international crude costs and uncertainty in the global energy market. The development comes shortly after the mega Dangote Refinery adjusted its own PMS prices upward, further intensifying pressure across the downstream petroleum sector.
