No More N1,075: Petrol Prices Surge at the Depots, Marketers Increase Rates Nationwide
- Nigeria sees fresh petrol price hikes amid Middle East tensions impacting the global oil market
- Depot petrol prices rise by an average of 0.46% across major Nigerian depots
- Analysts warn of continued price increases if geopolitical crises persist, risking higher transportation costs
Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
Fresh petrol prices have emerged across major depots in Nigeria as marketers adjusted rates upward in response to growing uncertainty in the global oil market following renewed hostilities in the Middle East.
The latest pricing released on Friday, July 10, 2026, shows that several depot operators have increased the ex-depot cost of Premium Motor Spirit (PMS), popularly known as petrol, amid concerns that escalating tensions between the United States and Iran could disrupt global crude oil supplies.
Source: Getty Images
Industry observers say the adjustments are largely precautionary, with marketers seeking to cushion the impact of any sharp rise in international crude prices should the crisis worsen.
Middle East conflict fuels market concerns
The fresh increase comes after tensions flared in the Gulf region, with Iran announcing the closure of the strategic Strait of Hormuz following the expiration of its ceasefire arrangement with the United States.
According to reports, Tehran accused a commercial vessel of violating its maritime regulations and carrying out hostile activities, prompting the Islamic Revolutionary Guard Corps (IRGC) to intercept and strike the ship.
The IRGC said the vessel had travelled through an "unapproved route" and had switched off its tracking systems, adding that the Strait of Hormuz would remain closed "until further notice" and until what it described as the end of US interference in the region.
In response, the United States Central Command (CENTCOM) confirmed carrying out military strikes on more than 140 Iranian military targets, including missile launch sites, drone facilities, naval assets, ammunition depots and surveillance infrastructure. Washington said the operation was aimed at protecting civilian and commercial shipping through the strategic waterway.
The latest developments have heightened fears of disruptions to global oil exports, with the Strait of Hormuz serving as one of the world's busiest energy transit routes.
Latest depot petrol prices
Data from PetroleumPriceNG indicates that depot petrol prices increased by an average of 0.46 per cent compared to previous rates.
Among the major depots announcing higher prices are:
- Pinnacle Depot: N1,085 per litre
- Prudent Oghara: N1,100 per litre
- Sahara Depot: N1,074 per litre
- Bono Depot: N1,074 per litre
The fresh adjustments signal a departure from the previous benchmark of around N1,075 per litre at several depots.
What the increase means
Energy analysts say the latest price adjustments are intended to protect marketers against possible spikes in crude oil prices if geopolitical tensions continue to intensify.
Source: Getty Images
Should the Middle East crisis persist and international oil prices climb further, Nigerians could see additional increases in petrol prices at both depots and filling stations in the coming days, potentially adding fresh pressure to transportation costs and inflation.
Petrol prices rise at Nigerian depots
Legit.ng earlier reported that 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.
International crude oil prices climbed sharply after renewed uncertainty in the Middle East unsettled the energy market.
Source: Legit.ng
