Petrol prices rise again as global crude hits $76.20 on US-Iran tensions

Petrol prices at major Nigerian depots have gone up again as global crude oil prices rally on renewed geopolitical tensions between the United States and Iran. Brent crude now trades at $76.20 per barrel, reversing a prior decline and raising fears of higher pump prices across the country.

Depots adjust prices as crude rebounds

Fresh increases have emerged in petrol prices at major Nigerian depots following another rally in global crude oil prices. The latest development comes as renewed geopolitical tensions involving the United States and Iran triggered fresh volatility in the international oil market, prompting depot owners to adjust their ex-depot prices to protect against rising replacement costs.

International crude oil prices climbed sharply after renewed uncertainty in the Middle East unsettled the energy market. According to Oilprice.com, Brent crude traded at $76.20 per barrel, while the US benchmark, West Texas Intermediate (WTI), sold for $71.96 per barrel. Murban crude also gained, reaching $71.37 per barrel. The rebound follows a period of declining oil prices, with crude recently falling to its lowest level since March. However, renewed hostilities and uncertainty surrounding diplomatic efforts between Washington and Tehran have reversed the downward trend.

Analysts say the geopolitical risks have heightened fears of potential supply disruptions, leading traders to price in additional risk premiums.

Major depots now sell petrol at N1,075 per litre

The impact of rising crude oil prices has begun filtering into Nigeria's downstream petroleum market. Data obtained from PetroleumPriceNG shows that several major depots have revised their Premium Motor Spirit (PMS), popularly known as petrol, prices upward. Among the depots that announced fresh rates are Hyden, African Terminal, Ardova, and AITEO, all of which now sell petrol at N1,075 per litre.

Although the increase is relatively modest, representing about 0.14% above previous rates, marketers say the adjustment is necessary to cushion the impact of higher international oil prices and avoid potential losses. Industry observers note that despite the increase, the new depot prices remain within the ex-depot pricing framework recently introduced by the Dangote Refinery.

Ex-depot prices determine the cost at which fuel marketers purchase petrol before transporting it to filling stations across the country. An increase at the depot level could eventually translate into higher retail pump prices if global crude prices continue their upward trajectory and marketers pass the additional costs on to consumers. For now, most filling stations are yet to announce major adjustments, but marketers are closely monitoring market conditions before making further pricing decisions.

Analysts warn of further increases if tensions persist

Energy and financial analysts believe the latest geopolitical developments could sustain pressure on oil prices if tensions between the United States and Iran escalate further. Speaking on the development, financial analyst Osas Igho said Nigeria's downstream market could experience a gradual increase in petroleum product prices should the conflict persist.

We may experience a slight increase in petroleum product prices as the US and Iran return to the trenches, Igho told Legit.ng. Experts also noted that Nigeria, despite being an oil-producing nation, remains vulnerable to fluctuations in global crude prices because petroleum products are largely priced using international market benchmarks.

Legit.ng earlier reported that Nigerians are set to enjoy fresh relief at the pumps after the Nigerian National Petroleum Company Limited (NNPCL) reduced the retail price of Premium Motor Spirit (PMS), popularly known as petrol, for the second time in less than two weeks. The latest adjustment came amid a sustained decline in global crude oil prices and increasing competition among fuel suppliers, raising hopes that transport fares and the cost of goods could also ease. A market survey conducted on Sunday, July 5, 2026, showed that NNPCL retail outlets had reduced the pump price of petrol to N1,150 per litre, down from N1,210 per litre.

For Nigerian consumers and businesses, the fresh depot price increase signals that any sustained rally in global crude could quickly reverse the recent relief at the pumps. If global tensions continue to escalate, marketers may pass on higher costs, putting fresh pressure on transport fares and the prices of goods.