Marketers Announce New Petrol Prices After Trump Declares Strait of Hormuz US Territory
- US President Donald Trump posted a map on Truth Social labelling the Strait of Hormuz as 'NEW U.S. Territory'
- The declaration escalated tensions with Iran, which has restricted access to the strait and rejected any American claim over the waterway
- Nigerian depot marketers have already begun adjusting petrol prices in response
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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.
Nigerian petrol marketers have started raising pump prices at depots across Lagos, Warri, and Calabar following US President Donald Trump's declaration that the Strait of Hormuz is now a "NEW U.S. Territory."
Trump announced on Tuesday, August 18, via Truth Social, the social media platform he owns, sharing a map graphic with a blue-highlighted stretch of water between the Persian Gulf and the Gulf of Oman, clearly labelled as new American territory.
The official White House account on X amplified the post shortly after.
Source: Getty Images
Trump's Hormuz Declaration
The move was not entirely unexpected. Speaking at a political rally in New York State on Friday, Trump had told supporters:
"After we finish defeating Iran, which is being very badly defeated pretty soon I'll be declaring the Hormuz Strait a territory of the United States."
He added: "It's true," and separately described the idea as "a great idea" and "an excellent idea", pointing to the US naval presence and blockade already in place around Iranian ports.
Trump has previously said of the blockade:
"We have the blockade. No ships get through unless we want them to."
Iranian officials have firmly rejected the claim.
Parliament Speaker Mohammad Ghalibaf and other senior figures have said the strait will remain closed or under Iranian authority until the United States lifts the blockade and eases related sanctions.
Tehran has dismissed territorial assertions made on social media or through military posturing as lacking legal standing.
The Strait of Hormuz is one of the world's most critical energy chokepoints, with roughly 20% of global oil and gas passing through it under normal conditions.
Depot Price Changes Across Nigeria
Petrol depot prices in Nigeria shifted noticeably in the wake of the announcement, especially in Lagos, according to data obtained from Petroleumprice.ng.
PMS price changes
Lagos
- African Terminal: +N19 — N1,179 to N1,198
- Integrated: +N19 — N1,179 to N1,198
- NIPCO: +N28 — N1,170 to N1,198
- Pivot: +N15 — N1,180 to N1,195
- Dangote: N1,166
- MRS: N1,167
- Pinnacle: N1,167
Source: Getty Images
Calabar
- Sobaz: +N20 — N1,180 to N1,200
- Soroman: +N15 — N1,180 to N1,195
- Fynefield: N1,220
- Liquid Bulk: N1,185
- Masters: N1,185
- Matrix: N1,195
- Sigmund: N1,185
Warri
- Matrix: N1,195
- Nepal: N1,195
- Parker: N1,195
- Rain Oil: N1,195
Dangote announces free petrol delivery
Earlier, Legit.ng reported that the Dangote Petroleum Refinery has begun delivering petrol directly to fuel marketers in six states at no delivery cost, as part of a broader strategy to strengthen fuel distribution across Nigeria.
The first phase of the programme covers Lagos, Ogun, Rivers, Kaduna, Delta, and the Federal Capital Territory, Abuja.
The refinery said further states will be brought into the scheme as rollout progresses.
Source: Legit.ng
