Petrol Price Update: Depots Raise Prices As Brent Crude Crosses $105
- Depot operators in Warri, Port Harcourt and Calabar raised petrol prices by as much as N25 per litre on Thursday, October 8
- Ibeto depot in Lagos raised its diesel price by N195 per litre amid growing concerns over crude supply disruptions
- Brent crude climbed to $105.02 per barrel, with tanker traffic through the Strait of Hormuz falling to its lowest point since late July
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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 and diesel prices have risen at several Nigerian fuel depots after Brent crude surged past $105 per barrel, driven by fresh fears over global oil supply disruptions.
Brent was trading at $105.02 per barrel at 11:40 a.m. WAT on Thursday, October 8, a gain of 4.81% from the previous day's close. West Texas Intermediate (WTI) also rose sharply, climbing to $92.69 per barrel and gaining roughly 5%.
Source: Getty Images
Analysts linked the gains to renewed concerns over tanker movements through the Strait of Hormuz, with maritime security data indicating about a dozen tanker attacks recorded between September 28 and October 2.
Kpler data showed that traffic through the waterway had dropped to its lowest level since late July.
Warri, Port Harcourt and Calabar depots raise prices
Data from Petroluemprice.ng showed that wholesale petrol prices moved upward at several depots across the Niger Delta on Thursday.
In Warri, Parker raised its Premium Motor Spirit (PMS) price by N10 to N1,315 per litre, while Optima and Keonamex each pushed their prices up by N25 to N1,330 per litre from N1,305.
Depots in Port Harcourt followed suit. Both TSL and Sigmund moved their PMS prices from N1,292 to N1,300 per litre, an increase of N8. In Calabar, Northwest lifted its petrol price by N15, from N1,300 to N1,315 per litre.
Lagos records sharpest rise as diesel jumps N195. The biggest single-day movement was recorded in the Lagos diesel market. Ibeto raised its Automotive Gas Oil (AGO) price from N1,705 to N1,900 per litre, a jump of N195.
The full snapshot of depot price changes on the day is as follows:
Warri depots
- Parker: N1,305 to N1,315 (up N10)
- Optima: N1,305 to N1,330 (up N25)
- Keonamex: N1,305 to N1,330 (up N25)
Port Harcourt depots
- TSL: N1,292 to N1,300 (up N8)
- Sigmund: N1,292 to N1,300 (up N8)
Calabar depots
- Northwest: N1,300 to N1,315 (up N15)
Lagos depots
- Ibeto AGO: N1,705 to N1,900 (up N195)
Source: Getty Images
What the price increases mean for marketers
When crude prices rise internationally, Nigerian depot operators face higher costs to replenish their stocks, which can lead them to revise wholesale prices even when current inventory was bought at cheaper rates.
Replacement cost is a key factor in how depots set their prices at any given time.
Price changes are not uniform across the country, as inventory levels, sourcing arrangements, transportation costs and competition all play a role in what individual depots charge.
Dangote refinery names 20 companies cleared to buy its petrol
Earlier, Legit.ng reported that the Dangote Petroleum Refinery has named 20 petroleum marketers authorised to buy Premium Motor Spirit (PMS) from its facility, introducing a consortium-based structure that reshapes how petrol from the plant reaches the Nigerian market.
A communication shared with petroleum marketers on Thursday, October 8, 2026, confirmed the arrangement and listed the approved companies.
Going forward, purchases of petrol from the refinery are to be routed through this group of 20 selected operators.
Source: Legit.ng
