Petrol prices at depots across Nigeria have seen significant increases between August 17 and 21, 2026, largely influenced by escalating crude oil prices and ongoing supply concerns linked to the Strait of Hormuz. The surge in prices has raised alarms among consumers and industry stakeholders alike, as the cost of petrol continues to fluctuate in response to global market dynamics.

Calabar experienced the most substantial rise, with the price at Mainland depot increasing by N33 per litre, pushing the price from N1,180 to N1,213. Other major cities also reported notable hikes; in Lagos, MRS Tincan led the increases with a N25 per litre rise to N1,192, while Pinnacle and Pivot saw increases of N23 and N20 respectively. Port Harcourt was not left out, with Liquid Bulk and Sigmund both rising by N28 to N1,218 per litre.

The increases come as international crude prices hover near $95 per barrel, exacerbating concerns about supply and replacement costs. The ongoing crisis in the Strait of Hormuz has further intensified these worries, prompting market players to adjust their pricing strategies accordingly.

In addition to depot price hikes, Dangote Petroleum Refinery has also contributed to the upward pressure on fuel prices by raising its petrol price by N20, bringing it to N1,185 per litre. The refinery also increased the price of Automotive Gas Oil (AGO) by N100, now priced at N1,670 per litre. These adjustments signal a cautious approach among marketers, who are wary of the potential for further increases as crude oil prices remain volatile.

While consumers grapple with these rising costs, the Nigerian National Petroleum Company Limited (NNPCL) has recently announced a reduction in retail pump prices in certain regions. Following fluctuations in the global crude oil market, NNPCL reduced petrol prices in Lagos from N1,210 to N1,170 per litre, and in Abuja from N1,260 to N1,210 per litre. However, the overall trend in depot prices suggests that consumers may face continued challenges in the near future.

As the situation evolves, stakeholders in the Nigerian fuel market are keeping a close eye on international oil prices and local supply dynamics, with many anticipating further adjustments as the market responds to ongoing global developments.