Depot Owners Increase Petrol Prices as Iran Sends US Government a Strong Message
- Petroleum depot prices climbed at multiple locations across Nigeria on Tuesday, August 11, 2026, amid a rally in global crude oil prices
- Parker in Warri recorded the largest single increase of N48 per litre, pushing its petrol price to N1,230
- Diesel prices also moved higher at several Lagos and Warri depots, with some marketers raising rates by over N200 per litre
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Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
Petrol depot prices rose across Nigeria's key petroleum hubs on Tuesday, August 11, 2026, as global crude oil prices pushed towards $90 per barrel, adding fresh cost pressure to the downstream fuel market.
Data from multiple depots showed widespread price increases in Lagos, Port Harcourt, Calabar and Warri.
Source: Getty Images
Checks by Petroleumprice.ng showed that Pivot, Integrated and African Terminal increased their petrol prices from N1,168 per litre on Monday to N1,200 per litre on Tuesday.
The three depots also raised their diesel prices from N1,580 per litre to N1,700 per litre during the same period.
The latest adjustment means petrol increased by N32 per litre, while diesel recorded a much larger N120 per litre rise.
Iran: Strait of Hormuz to remain closed until US concedes
Iran has said the Strait of Hormuz will remain closed until the United States meets key conditions, including ending the war and releasing Iranian funds frozen overseas.
Mohsen Rezaei, secretary of Iran’s Supreme National Security Council, said Tehran had also communicated additional demands to Washington through mediators, but did not publicly disclose the details.
The position could complicate expectations that negotiations involving Iran and Oman would quickly lead to an agreement allowing more commercial vessels to transit the strategic waterway.
As of 7:20 a.m. WAT, Brent crude stood at $89.40 per barrel, gaining 0.55%, while West Texas Intermediate (WTI) traded at $83.70 per barrel, up 0.60%.
The Strait of Hormuz is a critical route for global energy supplies, with its reopening closely linked to expectations of a return to normal crude oil and petroleum-product shipments from the Persian Gulf.
Continued restrictions on the waterway could prolong disruptions to regional energy flows and keep pressure on global oil markets.
Dangote maintains petrol, diesel prices
Dangote Refinery, however, maintained its gantry prices despite the increases recorded by other depot operators.
The refinery's petrol price remained at N1,165 per litre, while its diesel price stood at N1,570 per litre.
Dangote-linked marketers were selling petrol at N1,181 per litre and diesel at N1,574 per litre.
The difference between Dangote's gantry prices and those of other depots highlights the varying pricing positions in Nigeria's downstream petroleum market.
Source: Getty Images
Depot prices in Lagos
The latest depot checks showed the following prices:
- Pivot – Petrol: N1,200 per litre; Diesel: N1,700 per litre
- Integrated – Petrol: N1,200 per litre; Diesel: N1,700 per litre
- African Terminal – Petrol: N1,200 per litre; Diesel: N1,700 per litre
- Dangote Refinery – Petrol: N1,165 per litre; Diesel: N1,570 per litre
The latest increases do not necessarily mean pump prices will rise immediately across the country, but sustained increases in crude prices or prolonged disruptions around the Strait of Hormuz could put further pressure on the downstream market.
Marketers are expected to continue monitoring international crude prices and shipping conditions as they determine the cost of replenishing their petroleum stocks.
Good news as diesel price drops
Earlier, Legit.ng reported that the National Bureau of Statistics announced that the average retail price paid by consumers for Automotive Gas Oil (Diesel) stood at N1,361.57 per litre.
This represents a 9.32% decrease compared with N1,501.58.
The NBS said the data for the price report was collected from sample outlets across the 774 local government areas in the 36 states.
Source: Legit.ng
