Nigerian Fuel Depots Raise Prices as Crude Surges

On October 8, 2026, petrol and diesel prices rose at multiple Nigerian fuel depots as Brent crude oil surged past $105 per barrel, trading at $105.02 at 11:40 a.m. WAT, marking a 4.81% increase from the previous day.

The rise in prices is attributed to concerns over global oil supply disruptions, particularly related to tanker movements through the Strait of Hormuz, where security data indicated numerous tanker attacks. In Warri, Parker increased its Premium Motor Spirit (PMS) price by N10 to N1,315 per litre, while Optima and Keonamex raised their prices by N25 to N1,330 per litre.

In Calabar, Northwest lifted its petrol price by N15 to N1,315 per litre. The Lagos market saw the most significant increase, with Ibeto raising its Automotive Gas Oil (AGO) price from N1,705 to N1,900 per litre, a jump of N195.

The price adjustments reflect higher costs for depot operators to replenish stocks, influenced by various factors including inventory levels and transportation costs.