Fresh Petrol Prices Rise at Nigerian Depots as Middle East Tensions Push Global Oil Above $76
- Nigerian petrol prices rise as global crude prices soar amid US-Iran geopolitical tensions
- Brent crude now trades at $76.20 per barrel, reversing a prior decline in oil prices
- Analysts warn of potential retail price increases if global tensions continue to escalate
Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
Fresh increases have emerged in petrol prices at major Nigerian depots following another rally in global crude oil prices, raising concerns over the possibility of higher pump prices in the coming days.
The latest development comes as renewed geopolitical tensions involving the United States and Iran triggered fresh volatility in the international oil market, prompting depot owners to adjust their ex-depot prices to protect against rising replacement costs.
Source: Getty Images
Global oil prices rebound
International crude oil prices climbed sharply after renewed uncertainty in the Middle East unsettled the energy market.
According to Oilprice.com, Brent crude traded at $76.20 per barrel, while the US benchmark, West Texas Intermediate (WTI), sold for $71.96 per barrel. Murban crude also gained, reaching $71.37 per barrel.
The rebound follows a period of declining oil prices, with crude recently falling to its lowest level since March.
However, renewed hostilities and uncertainty surrounding diplomatic efforts between Washington and Tehran have reversed the downward trend.
Analysts say the geopolitical risks have heightened fears of potential supply disruptions, leading traders to price in additional risk premiums.
Nigerian depots adjust petrol prices
The impact of rising crude oil prices has begun filtering into Nigeria's downstream petroleum market.
Data obtained from PetroleumPriceNG shows that several major depots have revised their Premium Motor Spirit (PMS), popularly known as petrol, prices upward.
Among the depots that announced fresh rates are Hyden, African Terminal, Ardova, and AITEO, all of which now sell petrol at N1,075 per litre.
Although the increase is relatively modest, representing about 0.14% above previous rates, marketers say the adjustment is necessary to cushion the impact of higher international oil prices and avoid potential losses.
Industry observers note that despite the increase, the new depot prices remain within the ex-depot pricing framework recently introduced by the Dangote Refinery.
What it means for motorists
Ex-depot prices determine the cost at which fuel marketers purchase petrol before transporting it to filling stations across the country.
An increase at the depot level could eventually translate into higher retail pump prices if global crude prices continue their upward trajectory and marketers pass the additional costs on to consumers.
For now, most filling stations are yet to announce major adjustments, but marketers are closely monitoring market conditions before making further pricing decisions.
Experts warn of possible price pressure
Energy and financial analysts believe the latest geopolitical developments could sustain pressure on oil prices if tensions between the United States and Iran escalate further.
Speaking on the development, financial analyst Osas Igho said Nigeria's downstream market could experience a gradual increase in petroleum product prices should the conflict persist.
Source: Getty Images
"We may experience a slight increase in petroleum product prices as the US and Iran return to the trenches," Igho told Legit.ng.
Experts also noted that Nigeria, despite being an oil-producing nation, remains vulnerable to fluctuations in global crude prices because petroleum products are largely priced using international market benchmarks.
NNPCL slashes petrol price again
Legit.ng earlier reported that Nigerians are set to enjoy fresh relief at the pumps after the Nigerian National Petroleum Company Limited (NNPCL) reduced the retail price of Premium Motor Spirit (PMS), popularly known as petrol, for the second time in less than two weeks.
The latest adjustment comes amid a sustained decline in global crude oil prices and increasing competition among fuel suppliers, raising hopes that transport fares and the cost of goods could also ease in the coming weeks.
A market survey conducted on Sunday, July 5, 2026, showed that NNPCL retail outlets have reduced the pump price of petrol to N1,150 per litre, down from N1,210 per litre.
Source: Legit.ng
