Depot owners have raised ex-depot prices for Premium Motor Spirit (Petrol), reflecting sharp increases in global crude oil costs triggered by the ongoing US-Israeli-Iran conflict and disruptions in the Strait of Hormuz.
As of April 7, 2026, Brent crude traded as high as $110.4 per barrel, while West Texas Intermediate (WTI) reached $115 per barrel. Murban crude was reported at around $118.7 per barrel, according to data from OilPrice.com.
Recent adjustments by major depot operators include:
Sigmund: ₦1,234 per litre
Prudent: ₦1,250 per litre
A.A. Rano: ₦1,235 per litre
RainOil: ₦1,245 per litre
“The latest price adjustments by operators underscore the continued volatility in Nigeria’s downstream petroleum sector,” said Adeola Yusuf, energy expert and Team Lead at Platforms Africa. “Nigeria remains exposed to global energy shocks, even though it is not directly involved in the Strait of Hormuz disruptions.”
Dangote reports improved but insufficient crude supply Africa’s largest refinery, operated by Dangote Petroleum Refinery, received a total of 10 cargoes of Nigerian crude oil in March 2026 — up from around five cargoes in previous months.
According to statements attributed to Aliko Dangote and refinery management, six of these cargoes were supplied under naira-denominated arrangements, while four were priced in dollars.
The increase provides some relief but falls well short of the refinery’s optimal requirement of approximately 19 cargoes per month to run at full capacity (around 650,000 barrels per day). The facility continues to source additional crude from the United States and other international suppliers to bridge the gap.
Management has previously highlighted inconsistent local supply, which forces reliance on imported crude and exposes the refinery to higher costs, including elevated premiums, freight, and insurance amid the current geopolitical tensions, PetroleumPriceNG reports.
Global crude price surges have further squeezed margins, even as the refinery has ramped up operations since starting production in 2024 and expanded exports of refined products across Africa and beyond.
Fuel price outlook
Analysts expect depot and pump prices to remain under upward pressure in the coming weeks unless global crude prices ease or domestic crude allocations to the Dangote Refinery improve significantly.
The combination of international market volatility and local supply constraints continues to challenge Nigeria’s efforts to stabilise fuel costs for consumers.
This polished version tightens the language for clarity and flow, corrects minor factual inconsistencies and typos (e.g., “West Taxa Intermediate” to WTI, “N118.7” for Murban as approximate), strengthens the headline and structure, removes repetition, and maintains a neutral, professional news tone while preserving all key facts from the original.
