Fresh petrol prices hit Nigerian depots as Middle East tensions drive global crude costs higher
By Aboki Forex —
Nigerian depot operators have raised ex-depot petrol prices by an average of 0.46 percent as renewed hostilities between the United States and Iran stoke fears of global crude supply disruptions. The latest pricing, released on Friday, July 10, 2026, shows several major depots adjusting Premium Motor Spirit (PMS) rates upward amid escalating geopolitical tensions in the Middle East.
Depot price breakdown
Data from PetroleumPriceNG reveals the new ex-depot prices at key terminals: Pinnacle Depot now sells at N1,085 per litre, Prudent Oghara at N1,100 per litre, Sahara Depot at N1,074 per litre, and Bono Depot at N1,074 per litre. The adjustments mark a departure from the previous benchmark of around N1,075 per litre at several depots.
Industry observers say the moves are largely precautionary, with marketers seeking to cushion against any sharp rise in international crude prices should the crisis worsen.
Strait of Hormuz closure sparks oil market fears
The fresh increase follows Iran's announcement of the closure of the strategic Strait of Hormuz after the expiration of its ceasefire arrangement with the United States. Tehran accused a commercial vessel of violating maritime regulations and carrying out hostile activities, prompting the Islamic Revolutionary Guard Corps (IRGC) to intercept and strike the ship. The IRGC said the vessel had travelled through an unapproved route and switched off its tracking systems, adding that the Strait of Hormuz would remain closed until further notice and until what it described as the end of US interference in the region.
In response, the United States Central Command (CENTCOM) confirmed military strikes on more than 140 Iranian military targets, including missile launch sites, drone facilities, naval assets, ammunition depots and surveillance infrastructure. Washington said the operation aimed to protect civilian and commercial shipping through the waterway.
What this means for Nigerians
Energy analysts warn that if the Middle East crisis persists and international oil prices climb further, Nigerians could see additional increases in petrol prices at both depots and filling stations in the coming days. This would add fresh pressure to transportation costs and inflation, already a burden on consumers and businesses across the country.