Petrol Prices Surge as Crude Oil Approaches $95

Between August 17 and August 21, 2026, petrol depot prices in Nigeria saw significant increases across major markets, including Lagos and Calabar, while Warri experienced mixed movements. The price of crude oil approached $95 per barrel amid ongoing supply concerns related to the Strait of Hormuz.

MRS Tincan recorded the largest increase of N25 per litre, raising its price from N1,167 to N1,192. Pinnacle's price rose by N23 to N1,190, while Pivot increased from N1,180 to N1,200.

Integrated and African Terminal also saw their prices rise to N1,198. In Port Harcourt, Liquid Bulk and Sigmund each increased by N28 to N1,218 per litre, and Bulk Strategic rose by N25 to N1,215.

Mainland recorded the most significant gains in Warri, with a rise of N33 from N1,180 to N1,213. The market is adjusting to a fresh price increase by Petroleum Refinery, which raised its PMS gantry price by N20 from N1,165.