Petrol Prices Spike Across Nigeria as Middle East Tensions Drive Up Crude Oil Costs
By Aboki Forex —
Fresh depot prices for Premium Motor Spirit (PMS) have emerged across Nigeria as marketers react to rising crude oil prices and renewed tensions in the Middle East. The adjustments come after the United States launched military strikes against Iranian targets near the Strait of Hormuz, a key global oil transit route.
Global crude oil climbs
Brent crude oil rose by 1.03% to $92.39 per barrel on Wednesday, June 10, 2026, according to Oilprice.com. The U.S. West Texas Intermediate (WTI) crude also gained 0.91% to trade at $89.00 per barrel. The rally followed reports that American forces targeted Iranian air defence systems and radar installations after Washington accused Tehran of shooting down a U.S. Army Apache helicopter in the region. Iran denied responsibility and accused the United States of escalating tensions.
New depot prices across Nigeria
Checks across fuel depots show that marketers have raised their petrol prices in response to the volatile global market. According to the latest data from PetroleumPriceNG, AIPEC now sells petrol at N1,247 per litre. RainOil Lagos sells at N1,248 per litre. Integrated depot price stands at N1,247 per litre. Liquid Bulk has also fixed its price at N1,248 per litre.
Industry experts say the adjustments are largely precautionary as marketers try to shield themselves from potential losses if crude oil prices continue to rise. The new depot prices come despite a recent drop in the landing cost of imported petrol. Data from the Major Energy Marketers Association of Nigeria (MEMAN) showed that the landing cost of imported petrol stood at N1,117 per litre as of June 4, 2026. That was N133 per litre lower than the Dangote Refinery gantry price of N1,250 per litre.
Analysts warn of rising living costs
Analysts warn that continued instability in the Middle East could place additional pressure on crude oil prices and eventually affect retail petrol prices across Nigeria. “The current situation will cause a spike in transport costs, living expenses and other expenses,” Osas Igho, a financial analyst, told Legit.ng. Although there has been no direct disruption to oil supply routes, traders remain cautious because of the strategic importance of the Strait of Hormuz to global energy exports.
Market observers say any further escalation involving shipping lanes or energy infrastructure may trigger another round of fuel price increases in the coming days. The latest development comes after Dangote Refinery had cut petrol prices twice within two days, lowering its ex-depot rate from N1,275 per litre to N1,250 per litre. However, fresh market data now indicate a reversal of that trend as rising crude oil prices continue to influence domestic fuel prices.