Nigerians could face another round of petrol price increases after the Dangote Refinery raised its ex-gantry petrol price, triggering fresh upward pressure across the downstream petroleum market.

The 700,000-barrels-per-day Dangote Refinery increased its petrol price by N15.50, from N1,150 to N1,181 per litre.

The latest adjustment comes as international crude oil prices approach $90 per barrel amid growing concerns over global energy supply.

Analysts said the move could be a defensive response to higher crude acquisition and operating costs, particularly as tensions involving the United States and Iran escalate around tanker traffic through the strategic Strait of Hormuz.

Nigerian depot prices climb

The impact of the refinery’s price adjustment is already being felt across Nigeria’s petroleum depots.

Data from PetroleumPriceNG showed that depot petrol prices rose by nearly three per cent as of Tuesday, August 11, 2026, with several operators adjusting their rates upward.

Soroman recorded one of the sharpest increases, raising its petrol price by N50 to N1,250 per litre.

NIPCO also increased its rate to N1,200 per litre. Integrated raised its price by N25 to N1,200 per litre, while PIVOT increased its rate by N32 to N1,200 per litre.

The latest adjustments have pushed average depot prices to around N1,200 per litre, adding fresh pressure to marketers and retailers.

Filling stations face fresh pressure

The increase at the depot level could eventually translate into higher pump prices if crude oil remains elevated and transportation and logistics costs continue to rise.

Major filling stations, including Dangote Refinery-backed MRS, have continued to sell petrol at prices ranging from about N1,240 to N1,260 per litre in some locations.

Energy policy expert Adeola Yusuf said consumers should closely monitor developments in the international oil market, warning that prolonged tensions around the Strait of Hormuz could trigger further increases.

“The situation remains fluid, and Nigerians should watch out for more increases in the coming days,” Yusuf said.

For motorists and households already grappling with elevated living costs, another petrol price increase could raise transportation and logistics expenses, potentially pushing up the prices of food, goods and other essential services.

Dangote Refinery's price sparks competition

Legit.ng earlier reported that petrol prices are coming under fresh pressure in Nigeria as private depot operators raise their rates amid a surge in global crude oil prices and continued disruption to shipping through the Strait of Hormuz.

The latest adjustments have triggered concerns that filling stations could increase pump prices further if the rise in crude persists and supply-chain pressures intensify.

As of 6:29 a.m. WAT on Tuesday, August 11, 2026, Brent crude was trading at $88.04 per barrel, up 0.36%, while West Texas Intermediate (WTI) rose 0.45% to $82.50.