Energy Marketers Release New Petrol Depot Prices Amid Global Crude Surge
Depot owners in Nigeria have announced significant increases in ex-depot prices for Premium Motor Spirit (PMS), commonly known as petrol, as global crude oil costs skyrocket. This surge is primarily driven by the ongoing US-Israeli-Iran conflict and disruptions in the Strait of Hormuz, which have escalated since February 28, 2026.
Petrol prices at Nigerian depots have risen by more than 35% in recent weeks, putting pressure on consumers who are bracing for higher pump prices. As of April 7, 2026, international benchmarks show Brent crude trading as high as $110.4 per barrel, West Texas Intermediate (WTI) at $115 per barrel, and Murban crude around $118.7 per barrel, according to data from OilPrice.com.
Major Depot Operators Adjust Prices Upward
Recent adjustments by key depot operators reflect the volatile market conditions. The new prices per litre include:
- Sigmund: ₦1,234
- Prudent: ₦1,250
- A.A. Rano: ₦1,235
- RainOil: ₦1,245
Adeola Yusuf, an energy expert and Team Lead at Platforms Africa, commented on the situation, stating, "The latest price adjustments by operators underscore the continued volatility in Nigeria’s downstream petroleum sector. Nigeria remains exposed to global energy shocks, even though it is not directly involved in the Strait of Hormuz disruptions."
Dangote Refinery Reports Improved but Insufficient Crude Supply
In a related development, the Dangote Petroleum Refinery, Africa's largest refinery, received a total of 10 cargoes of Nigerian crude oil in March 2026. This marks an increase from around five cargoes in previous months. According to statements attributed to Aliko Dangote and refinery management, six of these cargoes were supplied under naira-denominated arrangements, while four were priced in dollars.
However, this supply boost falls short of the refinery's optimal requirement of approximately 19 cargoes per month needed to operate at full capacity, which is around 650,000 barrels per day. The facility continues to source additional crude from the United States and other international suppliers to bridge the gap.
Management has highlighted inconsistent local supply as a key challenge, forcing reliance on imported crude. This exposes the refinery to higher costs, including elevated premiums, freight, and insurance amid current geopolitical tensions. Global crude price surges have further squeezed margins, even as the refinery has ramped up operations since starting production in 2024 and expanded exports of refined products across Africa.
Fuel Price Outlook Remains Pressured
Analysts predict that depot and pump prices will continue to face upward pressure in the coming weeks. This trend is expected unless global crude prices ease or domestic crude allocations to the Dangote Refinery improve significantly. The combination of international market volatility and local supply constraints continues to challenge Nigeria's efforts to stabilize fuel costs for consumers.
In a contrasting report, Legit.ng earlier noted a modest decline in petrol prices across Nigeria, with private depot operators and filling stations adjusting rates downward in response to easing global crude oil prices. This development followed comments by Donald Trump suggesting that the United States could withdraw from the Middle East conflict within weeks, which helped calm tensions that had previously driven crude prices above $100 per barrel.
