Petrol marketers across Nigeria began adjusting pump prices on Wednesday, September 2, 2026, after depot costs increased across major petroleum hubs, with some filling stations already selling petrol above N1,300 per litre.
The latest adjustments have been reported in Lagos, Calabar, Port Harcourt and Warri, as marketers respond to higher wholesale costs and changing conditions in the international oil market.
Also read: Fuel crisis deepens: Iran struggles as US blockade chokes petrol imports
The Dangote Refinery raised its depot price from N1,200 to N1,266 per litre, adding pressure to the prices paid by distributors and ultimately consumers.
Pinnacle Oil also moved its depot price to N1,266 per litre, while African Terminal and Integrated set their rate at N1,268 per litre.
Among independent depots, Masters was reported at N1,285 per litre, while Liquid Bulk, Sigmund and T.S.L each moved to N1,278 per litre.
Calabar recorded some of the highest depot prices, with rates reaching N1,290 per litre.
The increases have begun filtering through to filling stations, where pump prices vary depending on location, supply costs, transportation expenses and individual operating margins.
Checks indicate that some stations are now selling petrol above N1,300 per litre, with prices in certain locations reaching between N1,350 and N1,400 per litre.
The latest development places renewed pressure on households and businesses that depend heavily on petrol for transportation, electricity generation and other daily activities.
The movement in depot prices comes against a backdrop of stronger international crude oil prices.
Brent crude futures recently climbed to around $90.49 per barrel, with renewed tensions in the Middle East and concerns over possible disruptions to global oil supplies contributing to the rise.
Crude oil prices are an important factor in the economics of petroleum products because higher crude costs can increase the replacement cost faced by refiners and importers.
Additional expenses associated with transportation, storage, distribution and other logistics can further increase the cost before petrol reaches filling stations.
For Nigerian consumers, the immediate concern is whether the latest wholesale increases will translate into sustained higher pump prices.
Transport operators could face higher running costs if the increases persist, potentially affecting fares for commuters and the cost of moving goods between cities and communities.
Businesses that rely on petrol-powered generators could also experience increased operating expenses, particularly where alternative sources of electricity are unavailable or unreliable.
The effects could extend further through the supply chain.
Higher transport and energy costs can increase the expenses involved in moving agricultural produce and other goods, potentially placing additional pressure on food and consumer prices.
The latest increase also comes amid continued sensitivity around petrol pricing in Nigeria following the major changes to the country’s fuel subsidy regime in 2023.
Since then, pump prices have increasingly reflected market conditions, although government policies, domestic refining capacity, crude prices, foreign exchange movements and distribution costs continue to influence the final price paid by consumers.
The expansion of domestic refining capacity, particularly through the Dangote Refinery, has also changed the structure of Nigeria’s petrol supply market by increasing the availability of locally refined products.
However, local refining does not completely shield consumers from international market movements, as crude oil prices and other production and distribution costs continue to influence pricing.
For now, motorists and businesses are facing different prices depending on their location and the filling station they use.
Marketers will be watching depot prices closely in the coming days, while consumers will be hoping that the latest increase does not become a prolonged upward trend.
Also read: Fuel crisis deepens: Iran struggles as US blockade chokes petrol imports
The direction of global crude prices, domestic supply conditions and distribution costs will likely determine whether petrol prices stabilise or climb further across Nigeria.
David Okere is a journalist and contributor to Freelanews.com, covering business, governance, public affairs, and human-interest stories with a commitment to accuracy, balance, and public interest reporting.
