Energy marketers have released fresh petrol depot prices across Nigeria as they adjust to rising crude oil costs and renewed tensions in the Middle East. The latest pricing changes come amid growing uncertainty in the global energy market following fresh military exchanges between the United States and Iran near the Strait of Hormuz, one of the world's most important oil transit routes.
Marketers Raise Petrol Prices at Depots
Industry data tracked by PetroleumPriceNG and monitored by Legit.ng show that depot owners raised their Premium Motor Spirit (PMS) prices as a protective measure against potential losses linked to volatile international oil prices. The adjustments are largely precautionary as marketers attempt to shield themselves from potential losses should crude oil prices continue to rise.
Oil Prices Rise After US-Iran Clash
Global crude oil prices climbed during early trading on Wednesday, June 10, 2026, after the United States launched strikes on Iranian military infrastructure near the Strait of Hormuz. As of 5:08 a.m. WAT, Brent crude rose by 1.03% to $92.39 per barrel, while the U.S. West Texas Intermediate (WTI) crude gained 0.91% to trade at $89.00 per barrel, according to a report by Oilprice.com.
The market rally followed reports that American forces targeted Iranian air defence systems, radar installations, and surveillance facilities after Washington accused Tehran of bringing down a U.S. Army Apache helicopter operating within the region. The U.S. Central Command described the strikes as a defensive response. However, Iran denied responsibility for the helicopter incident and accused the United States of escalating tensions unnecessarily. The development has raised fears of a broader regional conflict that could disrupt global crude oil supplies.
Fresh Depot Petrol Prices Released
Checks across fuel depots nationwide show that marketers have adjusted their petrol prices upward in response to the changing global market conditions. According to the latest data:
- AIPEC now sells petrol at N1,247 per litre
- RainOil Lagos sells at N1,248 per litre
- Integrated depot price stands at N1,247 per litre
- Liquid Bulk has also fixed its price at N1,248 per litre
Dangote Refinery Faces Fresh Competition
The new depot prices come despite a sharp decline in the landing cost of imported petrol into Nigeria. Earlier reports showed that the cost of importing petrol dropped significantly following the recent crash in global crude prices before the latest Middle East tensions emerged. Data released by the Major Energy Marketers Association of Nigeria (MEMAN) showed that the landing cost of imported petrol stood at N1,117 per litre as of June 4, 2026. The figure was considerably lower than the Dangote Refinery gantry price of N1,250 per litre, creating a price difference of N133 per litre. The situation intensified competition between fuel importers and local refiners, especially the $20 billion Dangote Refinery owned by Africa's richest man, Aliko Dangote.
Concerns Over Further Price Hikes
Analysts warn that continued instability in the Middle East could place additional pressure on crude oil prices and eventually affect retail petrol prices across Nigeria. "The current situation will cause a spike in transport costs, living expenses, and other expenses," Osas Igho, a financial analyst, told Legit.ng on a call. Although there has been no direct disruption to oil supply routes, traders remain cautious because of the strategic importance of the Strait of Hormuz to global energy exports. Market observers say any further escalation involving shipping lanes or energy infrastructure may trigger another round of fuel price increases in the coming days.
Dangote Refinery Releases Fresh Petrol Prices
Legit.ng earlier reported that barely 24 hours after announcing a reduction in the price of premium motor spirit (PMS), commonly known as petrol, Dangote Refinery has adjusted its ex-depot price upward, joining several other fuel depot operators in responding to renewed volatility in the global oil market. The latest development comes after the refinery had cut petrol prices twice within two days, lowering its ex-depot rate from N1,275 per litre to N1,250 per litre. However, fresh market data now indicate a reversal of that trend, as rising crude oil prices continue to influence domestic fuel prices.
