The latest market survey shows that depot prices rose by about 3 per cent on Monday, July 20, 2026, with most marketers increasing rates by approximately ₦45 per litre.

The development comes as global crude oil prices climb sharply, pushing up the cost of refined petroleum products and intensifying pressure on Nigeria’s downstream sector.

Depot prices surge nationwide

Several major private depots announced new petrol prices, reflecting the growing impact of rising crude oil benchmarks on local fuel costs.

Depot Old Price New Price

AIPEC N1,200/L N1,248/L

SOBAZ N1,205/L N1,255/L

Masters N1,240/L N1,260/L

Matrix Warri N1,230/L N1,250/L

These increases are expected to filter through to filling stations in the coming days, potentially driving pump prices higher and worsening the burden on consumers already grappling with inflation, according to data from PetroleumPriceNG.

Crude oil rally fuels local price hikes

Analysts attribute the latest petrol price surge to the sharp rise in international crude oil prices.

Data from Oilprice.com shows that Brent Crude briefly reached $90 per barrel before easing to $87.62. West Texas Intermediate climbed to $81.82, while Murban Crude traded at $80.55 per barrel.

The global rally has already affected Nigeria’s fuel market, with importers adjusting their prices upward in response to higher landing costs.

IPMAN warns of imported fuel pressure

The Independent Petroleum Marketers Association of Nigeria has urged the Federal Government and the Nigerian Midstream and Downstream Petroleum Regulatory Authority to urgently reassess recently issued fuel import licences.

IPMAN’s National Publicity Secretary, Chinedu Ukadike, warned that the current policy could worsen pump-price inflation and place additional pressure on the naira.

According to Ukadike, some importers are now selling petrol at about ₦1,350 per litre, a rate significantly higher than the price supplied by Dangote Refinery to marketers.

Landing costs 20% higher than local fuel

Ukadike disclosed that the landing cost of imported petrol is roughly 20 per cent higher than Dangote’s supply price, describing the arrangement as counterproductive.

He argued that importing fuel at higher costs unnecessarily strains Nigeria’s foreign exchange reserves and weakens the naira, especially as the dollar exchange rate hovers around ₦1,400.

“If we are having continuous and uninterrupted supply, our problem is pricing. Is it not better we sit down and see how this issue can be controlled, than signing unnecessary import licenses that will further inflate the price of petroleum products in our country?” Ukadike said.

With depot prices rising and crude oil markets remaining volatile, Nigerians may face another round of fuel price increases in the days ahead.