Depots Raise Petrol Prices as Brent Crude Crosses $105

Depot operators in Warri, Port Harcourt and Calabar raised petrol prices by as much as N25 per litre on Thursday, October 8, while Ibeto depot in Lagos lifted its diesel price by N195 per litre. The moves followed Brent crude's climb past $105 per barrel on fresh concerns over global oil supply disruptions.

Brent was trading at $105.02 per barrel at 11:40 a.m. WAT on Thursday, October 8, a gain of 4.81% from the previous day's close. West Texas Intermediate also rose sharply to $92.69 per barrel, up roughly 5%.

Warri, Port Harcourt, Calabar depots raise PMS

Data from Petroleumprice.ng showed wholesale petrol prices moving upward at several depots across the Niger Delta on Thursday.

In Warri, Parker raised its Premium Motor Spirit price by N10 to N1,315 per litre. Optima and Keonamex each pushed their prices up by N25 to N1,330 per litre from N1,305.

Depots in Port Harcourt followed. TSL and Sigmund both moved their PMS prices from N1,292 to N1,300 per litre, an increase of N8.

In Calabar, Northwest lifted its petrol price by N15, from N1,300 to N1,315 per litre.

Lagos diesel jumps N195

The biggest single-day movement was recorded in the Lagos diesel market. Ibeto raised its Automotive Gas Oil price from N1,705 to N1,900 per litre, a jump of N195.

The full snapshot of depot price changes on the day:

Warri: Parker, N1,305 to N1,315 (up N10); Optima, N1,305 to N1,330 (up N25); Keonamex, N1,305 to N1,330 (up N25).

Port Harcourt: TSL, N1,292 to N1,300 (up N8); Sigmund, N1,292 to N1,300 (up N8).

Calabar: Northwest, N1,300 to N1,315 (up N15).

Lagos: Ibeto AGO, N1,705 to N1,900 (up N195).

Why prices are moving

Analysts linked the crude gains to renewed concerns over tanker movements through the Strait of Hormuz. Maritime security data indicated about a dozen tanker attacks were recorded between September 28 and October 2. Kpler data showed traffic through the waterway had dropped to its lowest level since late July.

When crude prices rise internationally, Nigerian depot operators face higher costs to replenish their stocks. That can lead them to revise wholesale prices even when current inventory was bought at cheaper rates. Replacement cost is a key factor in how depots set their prices at any given time.

Price changes are not uniform across the country. Inventory levels, sourcing arrangements, transportation costs and competition all play a role in what individual depots charge.

Dangote refinery consortium

The Dangote Petroleum Refinery has named 20 petroleum marketers authorised to buy Premium Motor Spirit from its facility, introducing a consortium-based structure that reshapes how petrol from the plant reaches the Nigerian market. A communication shared with petroleum marketers on Thursday, October 8, 2026 confirmed the arrangement and listed the approved companies. Purchases of petrol from the refinery are to be routed through this group of 20 selected operators.

For consumers and businesses, the depot increases point to higher landing costs that marketers typically pass on at the pump. Diesel, which powers generators, trucks and factories, took the sharpest hit in Lagos, and that feeds directly into transport and production costs.