Petrol prices are rising across Nigeria as filling stations and depot operators adjust rates in response to escalating geopolitical tensions between the United States and Iran around the Strait of Hormuz, a major global oil transit route. The development has triggered fresh concerns among consumers already grappling with the effects of fuel subsidy removal and the full deregulation of Nigeria's downstream petroleum sector.
Marketers Revise Pump Prices Upward
Checks across major filling stations show that top marketers, including MRS Oil Nigeria Plc, Ardova Plc (AP), NNPC Retail Limited, and other independent dealers have revised their petrol pump prices upward in anticipation of higher supply costs. Industry analysts say the move reflects fears of a broader increase in petroleum product prices if crude oil prices continue their upward trend.
Global Crude Prices Climb on US-Iran Tensions
According to data from OilPrice.com, major global crude oil benchmarks traded significantly higher on Monday, May 11, 2026, as investors reacted to growing tensions in the Middle East. The continued standoff between the US and Iran, particularly around the Strait of Hormuz, has raised fears of supply disruptions, pushing oil prices higher across global markets. Brent crude rose by 1.77% to $103.1 per barrel, while West Texas Intermediate (WTI) climbed to $96.92 per barrel. Murban crude also increased to $105.1 per barrel. The surge has sent immediate ripple effects through Nigeria's petroleum market, with marketers moving quickly to protect margins and avoid losses from delayed pricing adjustments.
Dangote Refinery Expected to Review Prices
Energy policy experts believe that major suppliers such as the Dangote Refinery may announce fresh petrol prices this week if the current crude rally persists. Last week, the refinery dismissed reports claiming it had increased its ex-gantry petrol price to N1,350 per litre. The company clarified that its official rate remained at N1,275 per litre. However, analysts say the recent spike in crude prices could force a review. "We expect an announcement of fresh petrol prices this week because global crude benchmarks have risen sharply in the last few days," financial analyst Osas Igho told Legit.ng during a telephone interview.
New Pump Prices at Filling Stations
Market surveys show that filling stations have already started reflecting the pressure in their retail prices. MRS Oil Nigeria Plc, one of the major marketers distributing Dangote Refinery petrol, now sells Premium Motor Spirit (PMS) at N1,320 per litre. Ardova Plc (AP), another Dangote partner, has fixed its petrol price at N1,325 per litre. Meanwhile, Lado Oil is retailing PMS at N1,350 per litre. In some parts of Lagos, petrol prices have reportedly climbed as high as N1,400 per litre, placing additional strain on transport operators, businesses, and households.
Depot Operators Also Raise Ex-Depot Prices
Depot operators have also revised their ex-depot petrol prices upward, according to market monitoring platform PetroleumPriceNG. The platform shows that Techno Oil Limited and Ardova Plc set their depot PMS prices at N1,280 per litre. A.Y.M Shafa Limited fixed its rate at N1,277 per litre, while some depots moved prices to around N1,290 per litre, representing a slight upward adjustment. The increase reflects the growing volatility in international crude prices and the pressure on local supply chains.
Nigerians Feel the Pressure
With petrol prices continuing to rise, Nigerians are once again facing the harsh realities of a fully deregulated fuel market heavily influenced by global events. Higher fuel costs are expected to worsen transportation fares, increase food prices, and raise the overall cost of doing business across the country. For many households, the latest adjustments signal another round of economic pressure as uncertainty continues to shape the nation's energy market.
