RismadarVoice Reporters, September 2, 2026
Nigerians may face another increase in petrol prices as the cost of Premium Motor Spirit (PMS) at major petroleum depots has risen sharply to as high as ₦1,290 per litre, putting fresh pressure on transporters, businesses and households.
The latest increase in depot prices has raised concerns that marketers could adjust pump prices if the upward trend persists, potentially worsening the cost of transportation and other essential goods and services.
Latest depot price checks showed significant increases across major petroleum distribution centres in Lagos, Calabar, Port Harcourt and Warri.
In Calabar, petrol prices rose to ₦1,290 per litre at Mainland and Soroman depots, representing an increase of ₦87 from the previous ₦1,203 per litre.
Matrix also increased its price by ₦86 to ₦1,290 per litre, while Sobaz raised its price by ₦80 to ₦1,285 per litre.
In Lagos, the Dangote Refinery increased its depot price from ₦1,200 to ₦1,266 per litre, while Pinnacle moved from ₦1,201 to the same level.
African Terminal and Integrated also raised their prices by ₦67 to ₦1,268 per litre.
Other independent petroleum depots recorded similar increases. Masters raised its price by ₦75 to ₦1,285 per litre, while Liquid Bulk, Sigmund and T.S.L increased their prices by ₦63 to ₦1,278 per litre.
The development comes amid renewed volatility in the international oil market, with crude prices rising following fresh tensions in the Middle East.
Brent crude futures settled at about $90.49 per barrel on Tuesday, after gaining 2.71 per cent amid renewed military exchanges between the United States and Iran.
The rise in global crude prices could affect the cost of petroleum products in Nigeria by increasing replacement costs for imported products and influencing the pricing decisions of domestic refiners and fuel marketers.
Industry observers said higher crude prices, combined with rising depot charges, transportation costs and distribution margins, could increase pressure on petrol retailers to raise pump prices.
The latest depot increases also come amid concerns over the growing disparity between international crude prices and domestic petrol prices.
Checks showed that MRS, which receives direct supplies from the Dangote Refinery, was selling petrol at about ₦1,310 per litre, while some other marketers were offering the product at prices ranging from ₦1,350 to ₦1,400 per litre.
If the rising depot costs are sustained, consumers could experience higher petrol prices at filling stations, with possible knock-on effects on transportation fares, food distribution and the operating costs of businesses that rely on petroleum products for power and logistics.
The development is likely to keep consumers and businesses on alert as marketers assess whether the latest increase in wholesale prices will be passed on to motorists.
