Nigerians may soon face another increase in petrol pump prices as depot operators across the country have adjusted their rates upward following the sharp rise in global crude oil prices.
The increase comes amid growing tensions in the Middle East, particularly around the Strait of Hormuz, where supply concerns have pushed crude oil prices above $100 per barrel.
According to data from PetroleumPriceNG as of Tuesday, April 28, 2026, several depot operators have revised their Premium Motor Spirit (PMS) prices upward. Findings show that Northwest increased its petrol price to N1,240 per litre, representing a 0.81 per cent rise
Other major operators also adjusted their prices, with Soroman selling at N1,237 per litre, AITEO at N1,213 per litre, while another depot listed PMS at N1,204 per litre.
Market observers say the upward adjustment is largely a protective move by depot owners seeking to hedge against volatility in international crude prices.
Analysts say the development could trigger another round of fuel price hikes in Nigeria, worsening the cost-of-living crisis already affecting millions of households.
The ongoing tension involving the United States and Iran has significantly disrupted global energy markets, leading to higher prices for crude oil and refined petroleum products. The Strait of Hormuz, a major global oil shipping route, remains at the centre of concerns as fears of supply disruptions continue to mount.
With global crude benchmarks crossing the $100 per barrel mark, petroleum marketers in Nigeria are adjusting prices to reflect the rising cost of supply and avoid potential losses. Industry experts warn that if the geopolitical crisis persists, Nigerians could see even steeper increases in petrol and diesel prices in the coming weeks
Despite rising global crude prices, some filling stations in Abuja have recently lowered their petrol pump prices to attract customers. Motorists across the Federal Capital Territory have seen prices drop to around N1,295 per litre from about N1,330 recorded just days earlier.
The N35 reduction, though small, offers some relief for consumers battling rising transportation costs and general inflation. Stations operated by AA Rano, Ranoil, and Mobil were among those observed to have made downward price adjustments.
