Petrol prices have begun rising across Nigeria as filling stations and depot operators adjust rates in response to escalating geopolitical tensions between the United States and Iran around the Strait of Hormuz, a major global oil transit route.
The development has triggered fresh concerns among consumers already grappling with the effects of fuel subsidy removal and the full deregulation of Nigeria’s downstream petroleum sector.
Checks across major filling stations show that top marketers, including MRS Oil Nigeria Plc, Ardova Plc (AP), NNPC Retail Limited, and other independent dealers, have revised their petrol pump prices upward in anticipation of higher supply costs
Industry analysts say the move reflects fears of a broader increase in petroleum product prices if crude oil prices continue their upward trend
Market surveys show that filling stations have already started reflecting the pressure in their retail prices. MRS Oil Nigeria Plc, one of the major marketers distributing Dangote Refinery petrol, now sells Premium Motor Spirit (PMS) at N1,320 per litre.
Ardova Plc (AP), another Dangote partner, has fixed its petrol price at N1,325 per litre. Meanwhile, Lado Oil is retailing PMS at N1,350 per litre. In some parts of Lagos, petrol prices have reportedly climbed as high as N1,400 per litre, placing additional strain on transport operators, businesses, and households.
Depot operators have also revised their ex-depot petrol prices upward, according to the market monitoring platform PetroleumPriceNG.
The platform shows that Techno Oil Limited and Ardova Plc set their depot PMS prices at N1,280 per litre. A.Y.M Shafa Limited fixed its rate at N1,277 per litre, while some depots moved prices to around N1,290 per litre, representing a slight upward adjustment.
The increase reflects the growing volatility in international crude prices and the pressure on local supply chains.