Nigerian Fuel Depot Owners Brace for Petrol Price Hikes as Brent Crude Nears $100 Amid Hormuz Crisis
- Global oil prices are near the $100 mark, raising concerns over potential petrol price hikes in Nigeria
- Strait of Hormuz disruptions tighten crude supply, driving increased market anxiety among stakeholders
- Nigerian fuel depots remain stable but face imminent pressures for price adjustments amid international volatility
Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
Nigeria’s fuel depot owners are on edge as global oil prices surge toward the psychologically important $100 mark, raising fears of imminent petrol price adjustments at the pump.
Global oil markets extended their rally on Thursday, April 16, 2026, driven by deepening supply worries after sustained disruptions in the Strait of Hormuz.
Source: UGC
As of 6:25 pm WAT, Brent crude was trading at $99.43 per barrel, up 4.74 per cent, while West Texas Intermediate (WTI) stood at $94.86, gaining 3.91 per cent.
The strong bullish momentum has analysts warning that the ripple effects will soon reach Nigeria’s downstream sector.
Geopolitical tensions shut key oil route
The price spike stems from escalating tensions involving the United States, Israel, and Iran.
The Strait of Hormuz, the world’s most critical oil transit chokepoint, remains effectively closed, with tanker movements far below normal levels.
This has tightened the global supply of crude, LNG, and refined products almost overnight.
Recent U.S. restrictions on Iranian oil exports, including blocked access to key ports, have compounded the problem.
Earlier Iranian actions, imposing levies on vessels and restricting passage, had already triggered a fragile ceasefire and negotiations.
But those talks have now stalled. Industry insiders say a comprehensive peace deal could take up to six months, with major sticking points around Iran’s nuclear programme, sanctions relief, and missile capabilities still unresolved.
Each week the Strait stays closed further constrains supply from Gulf exporters. Even if a deal is reached, restoring full tanker operations is expected to take time, keeping markets tight well into the coming months.
Nigerian depots are still calm
Despite the global frenzy, petrol prices at Nigerian fuel depots have remained surprisingly stable throughout the week. Local operators have so far absorbed the volatility without passing on costs to marketers and consumers.
That calm, however, is unlikely to last. With Brent crude now testing the $100 threshold and supply risks intensifying, the balance has tilted sharply toward higher prices.
Market watchers say depot owners are closely monitoring the situation and could adjust ex-depot prices before the week ends.
If the current trajectory continues, a noticeable surge in pump prices could hit Nigerian motorists within days as international pressures finally filter into the domestic market.
What comes next for Nigerian consumers
Analysts caution that the longer the Hormuz disruptions persist, the greater the pressure on Nigeria’s already fragile fuel supply chain.
Source: Getty Images
While the country continues to import the bulk of its refined petrol, any sustained global rally will make imports more expensive and force downstream players to recalibrate.
Motorists and businesses are being advised to brace for higher fuel costs at the pump.
For now, the message from depot owners is clear: watch the international benchmarks closely, because the next price movement is almost certainly upward.
Diesel prices surge to N1,700 per litre
Legit.ng earlier reported that depot prices of Automotive Gas Oil (diesel) have risen to about N1,700 per litre across several supply hubs in Nigeria following an increase in the ex-depot price by Dangote Petroleum Refinery.
According to market data reported by Petroleumprice.ng, the refinery raised its diesel price from N1,430 to N1,500 per litre on March 14, 2026, prompting marketers and depot operators to adjust their prices upward.
Checks conducted on March 16, 2026, show that several private depots have revised their diesel prices to around N1,700 per litre, while some are selling slightly lower at about N1,650 per litre, depending on supply conditions and location.
Source: Legit.ng
