Petrol Prices Rise as Depots Hike Rates Amid $90 Crude Oil Surge, New Pump Prices Emerge
- Petrol prices in Nigeria rise as depot operators increase rates amid soaring global crude oil prices
- Strait of Hormuz disruptions threaten supply chains and could push energy costs higher for Nigerians
- Experts warn of imminent petrol price hikes due to elevated crude oil rates and logistics challenges
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Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
Petrol prices are coming under fresh pressure in Nigeria as private depot operators raise their rates amid a surge in global crude oil prices and continued disruption to shipping through the Strait of Hormuz.
The latest adjustments have triggered concerns that filling stations could increase pump prices further if the rise in crude persists and supply-chain pressures intensify.
Source: Getty Images
As of 6:29 a.m. WAT on Tuesday, August 11, 2026, Brent crude was trading at $88.04 per barrel, up 0.36%, while West Texas Intermediate (WTI) rose 0.45% to $82.50.
Murban crude also recorded a significant increase, climbing 5.79% to $84.90 per barrel. Natural gas, however, declined 0.64% to $2.776.
Hormuz disruption raises supply concerns
The latest movement in crude prices comes as traffic through the Strait of Hormuz remains severely disrupted, keeping global energy markets on edge.
Although reports indicate that Iran and Oman may be moving closer to an arrangement that could support the resumption of vessel movements through the strategic waterway, shipping activity has yet to return to normal.
The disruption has affected more than crude oil flows. Tanker availability, freight costs and energy inventories are also facing pressure, with the recovery of physical shipping flows remaining a major concern for the market.
Any prolonged disruption could place additional pressure on crude and refined-product supply chains, potentially pushing energy costs higher.
With Brent crude now approaching the psychologically important $90 per barrel mark, traders and energy analysts are closely watching developments around Hormuz.
Nigerian depots increase petrol rates
In Nigeria, the impact is already being reflected in depot prices.
Data from PetroleumPriceNG showed that depot petrol prices rose by nearly 3% as of Tuesday, August 11, 2026, with several operators increasing their rates.
Soroman recorded one of the biggest increases, raising its petrol price by N50 to N1,250 per litre. Liquid Bulk increased its rate by N35 to N1,225 per litre.
SOBAZ also raised its price by N40 to N1,220 per litre, while Nepal added N20 to sell at N1,230 per litre.
Pivot remained the only depot operator among those listed selling below N1,200, with its petrol price at N1,180 per litre.
Filling stations could face fresh price pressure
Major filling stations across Nigeria, including Dangote Refinery-backed MRS, have continued selling petrol at prices ranging from about N1,240 to N1,260 per litre.
The widening pressure at the depot level could eventually feed into retail pump prices if crude oil remains elevated and logistics costs continue to rise.
Energy experts have warned that Nigerians could face further increases if tensions around the Strait of Hormuz persist.
Source: UGC
“The situation remains fluid, and Nigerians should watch out for more increases in the coming days,” energy policy expert Adeola Yusuf said.
He added that developments in international crude markets could increasingly affect Nigerian consumers, particularly if the disruption to global energy flows continues.
For motorists and households already dealing with high living costs, another increase in petrol prices could translate into higher transportation and logistics expenses, with possible knock-on effects on food and other essential goods.
Dangote Reduce petrol price by N50
Legit.ng earlier reported that the recent price cut by Dangote Refinery, which has reduced its ex-depot petrol price by N50 per litre, has intensified competition among private fuel depots across Nigeria.
With hopes of broader reductions in fuel costs for Nigerians, the ripple effect of this move could significantly ease financial burdens on households and businesses alike.
Source: Legit.ng
