Fuel prices in Nigeria have seen a notable increase as depot operators in key cities raised petrol prices by up to N25 per litre on October 8, 2026. This price adjustment comes in response to a surge in Brent crude oil prices, which surpassed $105 per barrel, raising concerns over potential disruptions in global oil supplies.

In Warri, Port Harcourt, and Calabar, operators adjusted their prices following the upward trend in crude oil costs. For instance, Parker in Warri increased its Premium Motor Spirit (PMS) price from N1,305 to N1,315, while Optima and Keonamex raised theirs by N25, bringing their prices to N1,330 per litre. Port Harcourt's TSL and Sigmund depots also made minor adjustments, increasing their prices from N1,292 to N1,300 per litre, marking an N8 increase.

The most significant hike was observed in Lagos, where Ibeto raised its diesel price from N1,705 to N1,900 per litre, a substantial increase of N195. This sharp rise in diesel prices reflects the broader trend affecting fuel markets across the country.

Analysts have attributed the rising prices to renewed fears regarding maritime security and tanker movements through the Strait of Hormuz, a critical chokepoint for global oil supply. Recent data indicated a decline in tanker traffic through the strait, reaching its lowest levels since late July, amidst reports of attacks on vessels in the area.

The increase in crude oil prices has a direct impact on Nigerian depot operators, who face higher costs to replenish their fuel stocks. As a result, they often adjust wholesale prices to reflect these replacement costs, even if their current inventory was purchased at lower rates. Factors such as inventory levels, sourcing arrangements, and competition also influence price variations across different depots.

In addition to the price hikes, it was reported that the Dangote Petroleum Refinery has approved 20 petroleum marketers to purchase petrol from its facility, marking a significant shift in how petrol is distributed in Nigeria. This new consortium-based structure aims to streamline the supply chain and enhance market efficiency.

As the global oil market continues to fluctuate, Nigerian consumers may face further price adjustments in the coming weeks, reflecting the ongoing challenges in the international oil supply chain.