Depots Release New Petrol Prices, Marketers Rush to Buy From Dangote Refinery
- Petrol prices at Nigerian depots rise due to climbing international crude oil costs
- Dangote Refinery adjusts petrol prices amid fluctuating market conditions, with marketers flocking to buy
- Filling stations hesitant to raise prices despite depot increases, citing competitive pressures
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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 increased at several Nigerian depots on Thursday, August 20, 2026, following a fresh rise in international crude oil prices.
Data from PetroleumPriceNG showed that some major depot operators raised their Premium Motor Spirit (PMS) prices as global oil prices climbed amid renewed geopolitical tensions involving the United States and Iran.
Source: Getty Images
Soroman depot listed petrol at N1,220 per litre, while Liquid Bulk and Masters announced new rates of N1,215 per litre each. Pinnacle also increased its price by N20 to N1,190 per litre.
The latest price adjustments mark a shift from the lower depot prices recorded in recent weeks, with marketers now keeping a close watch on developments in the international oil market.
Dangote Refinery adjusts price
The Dangote Petroleum Refinery also slightly increased its petrol price, moving from N1,165 to N1,168 per litre.
Although the adjustment was relatively small, it reflects the pressure created by rising crude prices and changing market conditions.
The refinery has remained an important source of petrol for Nigerian marketers, particularly as they seek competitive prices amid fluctuations in depot rates.
The latest depot increases could also influence pump prices if the upward trend in crude prices persists.
Crude oil surges above $90
International crude prices rose sharply on Thursday, August 20, 2026, as tensions surrounding the US-Iran situation raised concerns about possible disruptions to crude supplies and shipping routes in the Middle East.
As of 11:30 a.m. WAT, Brent crude was trading at $93.82 per barrel, representing a gain of $2.20 or 2.40%. West Texas Intermediate (WTI) also rose by $2.26, or 2.68%, to $86.65 per barrel.
US President Donald Trump had announced tougher economic measures against Iran and warned countries and entities supporting Tehran of severe consequences.
Filling stations hold prices
Despite the latest increase at depots, many filling stations have so far been reluctant to raise their pump prices.
Source: Getty Images
Some stations had only recently reduced petrol prices by as much as N90 per litre as competition intensified among suppliers.
However, market watchers expect petrol prices to remain volatile in the coming days, with global crude movements, local supply conditions and refinery pricing likely to determine the next direction of pump prices.
Dangote Refinery raises diesel price by N100
Legit.ng earlier reported that Dangote Petroleum Refinery has increased its Automotive Gas Oil (AGO) pump-out price by N100 per litre, moving the rate from N1,570 to N1,670, with the new pricing taking effect from midnight on August 21.
The rate adjustment represents a 6.4% rise and reverses a period during which the refinery had held its diesel price steady.
Pricing information seen on Thursday confirmed the new gantry rate.
Source: Legit.ng
