High Crude Oil Cost: AP, MRS, Others Increase Petrol Depot Prices, Fillling Stations Adjust Fast
- Nigerian depot operators have adjusted petrol prices amid rising global crude oil costs
- Consumers now face tension with transport fares and food inflation due to new petrol prices
- Analysts warn volatile international markets will further strain Nigeria's struggling households
Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
Fresh pressure is building on Nigerian consumers as major depot operators, including Ardova Plc (AP) and MRS Oil Nigeria Plc, have increased petrol depot prices following the continued rise in global crude oil costs.
The latest adjustment is expected to trigger another round of pump price hikes across filling stations nationwide, worsening the burden on households already struggling with rising transport fares and food inflation.
Source: Getty Images
Industry data shows that Premium Motor Spirit (PMS), commonly known as petrol, now sells for between N1,280 and N1,290 per litre at major depots as of Thursday, May 14, 2026.
Why depot owners are raising prices
Analysts say the increase is largely linked to the volatility in international crude oil prices, fueled by the growing tensions around the Strait of Hormuz involving the United States and Iran.
The strategic waterway remains one of the world’s most important oil shipping routes, and any disruption often sends shockwaves across global energy markets.
To protect themselves from possible losses, Nigerian depot owners have moved quickly to adjust their rates upward.
According to data from PetroleumPriceNG, several operators raised PMS prices by about 1.0%, reflecting fears of further increases in landing costs.
Depot pricing data showed that Sobaz sold petrol at N1,290 per litre, while AP sold at N1,278. FYNFIELD also sold at N1,290, while A.A Rano adjusted its rate to N1,280 per litre.
Filling stations respond fast
The sharp increase at the depot level has already started reflecting at filling stations, where pump prices have climbed to as high as N1,320 per litre in some locations.
This means Nigerians may once again spend significantly more on transportation, logistics, and daily living expenses.
The development comes despite earlier assurances from Dangote Refinery that it would work to reduce the frequency of petrol price hikes.
Findings show that the refinery adjusted petrol prices nine times within the first three months of the year, including six increases and three reductions.
Dangote Refinery is not responsible
Speaking on the latest development, financial analyst Osas Igho said the new depot price increase has little to do with Dangote Refinery.
According to him, many depot operators still depend heavily on imported fuel cargoes and are therefore more exposed to international market fluctuations.
“The marketers are simply playing safe. Most of these depot owners are importers who rely on global pricing structures rather than Dangote Refinery to determine their rates,” he explained.
He added that multiple fuel vessels continue to berth at Nigerian ports, showing that imports still play a major role in local supply.
“Remember that these guys still import petrol. We have records showing vessel after vessel carrying fuel arriving at Nigerian ports,” he said.
More pain for Nigerians
For ordinary Nigerians, the latest adjustment means more financial strain.
With transport operators likely to pass the increased fuel costs to passengers, the ripple effects are expected to hit food prices, school runs, and small business operations.
Source: Getty Images
As crude oil prices remain unstable globally, many fear that petrol prices could climb even higher in the coming weeks, leaving consumers with little relief in sight.
Top 10 depots with the cheapest PMS rates
Legit.ng earlier reported that fresh data from Nigeria’s downstream petroleum market has revealed the top 10 depots with the lowest Premium Motor Spirit (PMS), also known as petrol, prices in April, even as a nationwide price adjustment pushed rates significantly higher toward the end of the month
Data from Petroleumprice.ng shows that Lagos-based depots remained the cheapest sources of petrol supply across the country, maintaining the national price floor for most of April, while depots in Warri, Port Harcourt, and Calabar traded at higher but relatively stable premiums.
However, by the final days of April, a coordinated market-wide increase triggered sharp price jumps across all major regions, forcing depot prices to rise by as much as ₦131 per litre between the lowest and highest recorded rates.
Source: Legit.ng
