Petrol depot prices across Nigeria have surged past the N1,300 per litre mark as global crude oil prices remain unstable, triggering fresh concerns over another round of pump price increases at filling stations nationwide.
Industry data shows that private depot owners are raising Premium Motor Spirit (PMS), commonly known as petrol, prices in response to rising international crude costs and uncertainty in the global energy market.
The development comes shortly after the mega Dangote Refinery adjusted its own PMS prices upward, further intensifying pressure across the downstream petroleum sector.
Depot owners hedge against losses
Experts say many depot operators are now taking precautionary measures to avoid losses, especially as tensions between the United States and Iran continue to threaten crude oil supply routes through the Strait of Hormuz.
The Strait of Hormuz remains one of the world’s most critical oil transit routes, accounting for nearly 20 per cent of global crude oil supply. Analysts warn that any prolonged disruption in the region could significantly push up global energy prices and worsen Nigeria’s fuel pricing crisis.
According to data obtained from PetroleumPriceNG, PMS prices at private depots averaged about N1,350 per litre within the last 24 hours.
The report tracked prices across key petroleum hubs, including Lagos, Warri, Port Harcourt, and Calabar. Among the listed operators, Liquid Bulk sold petrol at N1,325 per litre, Optima at N1,313, TSL at N1,320, while African Terminal offered PMS at N1,285 per litre.
These fresh rates signal continued instability in Nigeria’s petroleum market and suggest that retail pump prices may soon be adjusted upward by filling stations.