Petrol prices at depots across Nigeria have recorded sharp increases, with some marketers raising ex-depot prices by more than N100 per litre, barely a day after Dangote Petroleum Refinery suspended the sale of petroleum products in naira and switched to U.S. dollar transactions. Although depot operators have not officially linked the latest price adjustment to Dangote Refinery's new payment policy, industry observers say the refinery's decision has added fresh pressure to the downstream market, contributing to higher fuel costs.
Depot Prices Surge Across Nigeria
Latest data compiled by PetroleumPriceNG and monitored by Legit.ng shows that petrol depot prices rose by more than nine per cent on Tuesday, July 14, 2026, as marketers adjusted their rates upward. Among the depots that announced significant price increases are Optima, which now sells Premium Motor Spirit (PMS) at N1,141 per litre, Matrix Warri at N1,230 per litre, AITEO at N1,121 per litre, and Rainoil Delta at N1,170 per litre. These new prices are considerably above the N1,076 per litre gantry price announced by Dangote Refinery before marketers factor in transportation and distribution costs.
The development is expected to raise concerns among fuel marketers and consumers, with fears that pump prices at filling stations could also rise if the trend continues.
Global Oil Prices Add Pressure
Market analysts note that the surge in depot prices is not being driven solely by domestic factors. Renewed geopolitical tensions involving the United States and Iran around the Strait of Hormuz have triggered a fresh rally in global crude oil prices, increasing the cost of refined petroleum products worldwide. According to Oilprice.com, Brent crude climbed 2.86% to $86.16 per barrel, while West Texas Intermediate (WTI) traded at $79.76 per barrel and Murban crude rose to $83.16 per barrel. Energy policy experts say rising crude prices typically translate into higher refining and import costs, placing additional pressure on Nigeria's downstream petroleum market.
Consumers Brace for Higher Costs
The latest increase in depot prices comes at a time when Nigerians are already grappling with elevated transport fares and the rising cost of essential goods. Analysts warn that if marketers continue to raise depot prices, retail petrol prices could increase further in the coming days, worsening inflationary pressures on households and businesses. With crude oil prices remaining volatile and the downstream market adjusting to Dangote Refinery's new dollar-based sales framework, consumers may face another round of higher fuel costs and broader increases in the prices of goods and services nationwide.
Petrol Prices Surge at the Depots
Legit.ng earlier reported that the recent surge in petrol prices across Nigerian depots is driven by escalating tensions in the Middle East affecting global oil markets. As fears mount over potential disruptions to oil supplies, Nigerians may soon face increased transportation costs, raising concerns over the broader economic impact of these geopolitical developments.
