Petrol depot prices jump as crude rally and Strait of Hormuz tensions hit Nigerian fuel market
By Aboki Forex —
Petroleum depot prices rose across Nigeria on Tuesday, August 11, 2026, as global crude oil climbed towards $90 per barrel and Iran kept the Strait of Hormuz closed. Parker in Warri recorded the largest single increase of N48 per litre, pushing its petrol price to N1,230.
Diesel prices also moved higher at several Lagos and Warri depots, with some marketers raising rates by over N200 per litre.
Depot price movements
Data from multiple depots showed widespread increases in Lagos, Port Harcourt, Calabar and Warri. Checks by Petroleumprice.ng showed that Pivot, Integrated and African Terminal increased their petrol prices from N1,168 per litre on Monday to N1,200 per litre on Tuesday.
The three depots also raised diesel prices from N1,580 per litre to N1,700 per litre during the same period. That means petrol rose by N32 per litre, while diesel jumped N120 per litre.
Dangote Refinery, however, maintained its gantry prices. Petrol stayed at N1,165 per litre, while diesel stood at N1,570 per litre. Dangote-linked marketers were selling petrol at N1,181 per litre and diesel at N1,574 per litre.
Strait of Hormuz and crude prices
Iran has said the Strait of Hormuz will remain closed until the United States meets key conditions, including ending the war and releasing Iranian funds frozen overseas. Mohsen Rezaei, secretary of Iran's Supreme National Security Council, said Tehran had communicated additional demands to Washington through mediators, but did not publicly disclose the details.
The position could complicate expectations that negotiations involving Iran and Oman would quickly lead to an agreement allowing more commercial vessels to transit the strategic waterway.
As of 7:20 a.m. WAT, Brent crude stood at $89.40 per barrel, gaining 0.55%, while West Texas Intermediate traded at $83.70 per barrel, up 0.60%.
The Strait of Hormuz is a critical route for global energy supplies, and its reopening is closely linked to expectations of a return to normal crude and petroleum-product shipments from the Persian Gulf. Continued restrictions could prolong disruptions to regional energy flows and keep pressure on global oil markets.
Current depot rates
The latest depot checks showed the following prices: Pivot, Integrated and African Terminal are selling petrol at N1,200 per litre and diesel at N1,700 per litre. Dangote Refinery is selling petrol at N1,165 per litre and diesel at N1,570 per litre.
The difference between Dangote's gantry prices and those of other depots highlights the varying pricing positions in Nigeria's downstream petroleum market.
Earlier, the National Bureau of Statistics announced that the average retail price paid by consumers for Automotive Gas Oil, or diesel, stood at N1,361.57 per litre. That is a 9.32% decrease compared with N1,501.58. The NBS said the data was collected from sample outlets across the 774 local government areas in the 36 states.
For Nigerian consumers and businesses, the latest depot increases do not automatically mean pump prices will rise immediately. But if crude prices stay high or the Strait of Hormuz disruption drags on, marketers will face higher costs to replenish stocks, and that pressure could eventually reach filling stations.