Depot petrol prices jump N45 per litre as global crude surge hits Nigeria

Depot prices for petrol have increased by approximately N45 per litre amid a sharp rise in global crude oil benchmarks. The development threatens to push pump prices higher and deepen the burden on consumers already battling inflation.

A market survey showed that depot prices rose by about 3 per cent on Monday, July 20, 2026, with most marketers adjusting rates upward. The increases follow a climb in international crude oil prices, which has raised the cost of refined petroleum products and intensified pressure on Nigeria's downstream sector.

Depot price table shows increases across major terminals

Several major private depots announced new petrol loading rates, reflecting the impact of rising crude benchmarks on local fuel costs. The table below shows the old and new prices at key depots:

AIPEC: Old price N1,200 per litre, new price N1,248 per litre.
SOBAZ: Old price N1,205 per litre, new price N1,255 per litre.
Masters: Old price N1,240 per litre, new price N1,260 per litre.
Matrix Warri: Old price N1,230 per litre, new price N1,250 per litre.

These increases are expected to filter through to filling stations in the coming days, potentially driving pump prices higher and worsening the burden on consumers, according to data from PetroleumPriceNG.

Global crude rally drives up landing costs

Analysts attribute the latest petrol price surge to the sharp rise in international crude oil prices. Data from Oilprice.com shows that Brent Crude briefly reached $90 per barrel before easing to $87.62. West Texas Intermediate climbed to $81.82, while Murban Crude traded at $80.55 per barrel.

The global rally has already affected Nigeria's fuel market, with importers adjusting their prices upward in response to higher landing costs.

IPMAN warns against import licences that inflate prices

The Independent Petroleum Marketers Association of Nigeria has urged the federal government and the Nigerian Midstream and Downstream Petroleum Regulatory Authority to urgently reassess recently issued fuel import licences.

IPMAN's national publicity secretary, Chinedu Ukadike, warned that the current policy could worsen pump-price inflation and place additional pressure on the naira. According to Ukadike, some importers are now selling petrol at about N1,350 per litre, a rate significantly higher than the price supplied by Dangote Refinery to marketers.

Ukadike disclosed that the landing cost of imported petrol is roughly 20 per cent higher than Dangote's supply price, describing the arrangement as counterproductive. He argued that importing fuel at higher costs unnecessarily strains Nigeria's foreign exchange reserves and weakens the naira, especially as the dollar exchange rate hovers around N1,400.

“If we are having continuous and uninterrupted supply, our problem is pricing. Is it not better we sit down and see how this issue can be controlled, than signing unnecessary import licences that will further inflate the price of petroleum products in our country?” Ukadike said.

With depot prices rising and crude oil markets remaining volatile, Nigerians may face another round of fuel price increases in the days ahead.

What this means for the naira and consumers

The combination of rising global crude prices and dollar-denominated fuel sales by Dangote Refinery is putting direct pressure on Nigeria's foreign exchange reserves. As importers pass higher landing costs to consumers, pump prices are likely to rise further, squeezing household budgets and adding to inflationary pressures in an economy where the naira trades at around N1,400 to the dollar.