Petrol prices at several Nigerian depots increased on Thursday, August 20, 2026, following a fresh rise in international crude oil prices, according to data from PetroleumPriceNG. Soroman depot listed petrol at N1,220 per litre, while Liquid Bulk and Masters announced new rates of N1,215 per litre each. Pinnacle also increased its price by N20 to N1,190 per litre. The adjustments mark a shift from the lower depot prices recorded in recent weeks, with marketers now closely monitoring developments in the international oil market.
Dangote Refinery Adjusts Price Amid Market Fluctuations
The Dangote Petroleum Refinery also slightly increased its petrol price, moving from N1,165 to N1,168 per litre. Although the adjustment was relatively small, it reflects the pressure created by rising crude prices and changing market conditions. The refinery has remained an important source of petrol for Nigerian marketers, particularly as they seek competitive prices amid fluctuations in depot rates. The latest depot increases could also influence pump prices if the upward trend in crude prices persists.
Crude Oil Surges Above $90 Per Barrel
International crude prices rose sharply on Thursday, August 20, 2026, as tensions surrounding the US-Iran situation raised concerns about possible disruptions to crude supplies and shipping routes in the Middle East. As of 11:30 a.m. WAT, Brent crude was trading at $93.82 per barrel, representing a gain of $2.20 or 2.40%. West Texas Intermediate (WTI) also rose by $2.26, or 2.68%, to $86.65 per barrel. US President Donald Trump had announced tougher economic measures against Iran and warned countries and entities supporting Tehran of severe consequences.
Filling Stations Hold Prices Despite Depot Increases
Despite the latest increase at depots, many filling stations have so far been reluctant to raise their pump prices. Some stations had only recently reduced petrol prices by as much as N90 per litre as competition intensified among suppliers. However, market watchers expect petrol prices to remain volatile in the coming days, with global crude movements, local supply conditions and refinery pricing likely to determine the next direction of pump prices. Legit.ng earlier reported that Dangote Petroleum Refinery increased its Automotive Gas Oil (AGO) pump-out price by N100 per litre, moving the rate from N1,570 to N1,670, with the new pricing taking effect from midnight on August 21. The rate adjustment represents a 6.4% rise and reverses a period during which the refinery had held its diesel price steady.
