Depot petrol prices jump as crude oil climbs toward $90, experts warn of more hikes

Private depot operators in Nigeria have raised petrol prices again as global crude oil surges past $88 per barrel and Strait of Hormuz shipping disruptions continue to squeeze supply chains. The new depot rates, effective Tuesday, August 11, 2026, suggest filling stations may soon adjust pump prices if crude stays elevated.

Brent crude traded at $88.04 per barrel as of 6:29 a.m. WAT, up 0.36%. West Texas Intermediate rose 0.45% to $82.50, while Murban crude jumped 5.79% to $84.90. Natural gas slipped 0.64% to $2.776.

Hormuz disruption pressures global energy flows

Traffic through the Strait of Hormuz remains severely disrupted, keeping energy markets on edge. Reports suggest Iran and Oman may be moving closer to an arrangement that could support resumption of vessel movements, but shipping activity has not yet returned to normal.

The disruption has hit more than crude oil. Tanker availability, freight costs and energy inventories are under pressure, with recovery of physical shipping flows still a major market concern. Any prolonged disruption could tighten crude and refined-product supply chains, pushing energy costs higher. With Brent approaching the psychologically important $90 mark, traders are watching Hormuz closely.

New depot prices across Nigeria

Data from PetroleumPriceNG shows depot petrol prices rose by nearly 3% on Tuesday, with several operators increasing rates. Soroman recorded one of the biggest jumps, raising its price by N50 to N1,250 per litre. Liquid Bulk added N35 to sell at N1,225 per litre. SOBAZ raised its price by N40 to N1,220 per litre, while Nepal added N20 to sell at N1,230 per litre.

Pivot remained the only depot operator among those listed selling below N1,200, at N1,180 per litre. Major filling stations, including Dangote Refinery-backed MRS, are selling petrol between about N1,240 and N1,260 per litre.

The depot increases come even after Dangote Refinery cut its ex-depot petrol price by N50 per litre, a move that had intensified competition among private depots.

What it means for consumers

Energy policy expert Adeola Yusuf warned Nigerians to expect more increases if Hormuz tensions persist. “The situation remains fluid, and Nigerians should watch out for more increases in the coming days,” he said, adding that international crude market developments could increasingly affect local consumers if global energy flow disruption continues.

For motorists and households already facing high living costs, another petrol price rise could push transportation and logistics expenses up, with likely knock-on effects on food and essential goods. The pressure is now on crude oil movements and shipping recovery to determine whether pump prices remain stable or climb further.