Petrol depot prices jump as crude climbs, Dangote adjusts PMS rate
By Aboki Forex —
Petrol prices rose at several Nigerian depots on Thursday, August 20 2026, following a fresh increase in international crude oil prices. Data from PetroleumPriceNG showed major depot operators raised their Premium Motor Spirit (PMS) prices as global oil costs climbed on renewed US-Iran tensions.
New depot rates
Soroman depot listed petrol at N1,220 per litre. Liquid Bulk and Masters announced N1,215 per litre each. Pinnacle also increased its price by N20 to N1,190 per litre.
The latest adjustments mark a shift from lower depot prices recorded in recent weeks. Marketers are now keeping a close watch on developments in the international oil market.
Dangote and crude pressure
Dangote Petroleum Refinery also slightly increased its petrol price from N1,165 to N1,168 per litre. Although the adjustment is small, it reflects pressure from rising crude prices and changing market conditions.
International crude prices rose sharply on Thursday as tensions surrounding the US-Iran situation raised concerns about possible disruptions to supplies and shipping routes in the Middle East. As of 11:30 a.m. WAT, Brent crude was trading at $93.82 per barrel, up by $2.20 or 2.40%. West Texas Intermediate also rose by $2.26, or 2.68%, to $86.65 per barrel.
US President Donald Trump had announced tougher economic measures against Iran and warned countries and entities supporting Tehran of severe consequences.
Pump prices and outlook
Despite the latest increase at depots, many filling stations have so far been reluctant to raise pump prices. Some stations had only recently reduced petrol prices by as much as N90 per litre as competition intensified among suppliers.
Market watchers expect petrol prices to remain volatile in the coming days. Global crude movements, local supply conditions and refinery pricing will likely determine the next direction of pump prices.
Dangote has also increased its Automotive Gas Oil (AGO) pump-out price by N100 per litre, moving from N1,570 to N1,670. The new rate takes effect from midnight on August 21 and represents a 6.4% rise. Pricing information seen on Thursday confirmed the new gantry rate.
For Nigerian consumers, the immediate relief is that filling stations are yet to pass on the depot increases. But with crude prices rising and Dangote adjusting its own rates, the pressure on pump prices is building.