Petrol prices has taken another hike across Nigeria as filling stations and depot operators begin adjusting rates due to the escalating geopolitical tensions between the United States and Iran around the Strait of Hormuz, a major global oil transit route.
The hike in petrol prices has raised concerns among consumers already being heavily affected by the fuel subsidy removal and deregulation of the Nigerian downstream petroleum sector.
Some major filling stations like MRS Oil Nigeria Plc, Ardova Plc, NNPC Retail Limited, and other independent dealer have increased their petrol prices over incoming heightened support costs
Data published by OilPrice.com showed that key global crude oil benchmarks recorded notable gains on Monday, May 11, 2026, amid escalating tensions in the Middle East.
Investor concerns intensified over the ongoing dispute between the United States and Iran, especially surrounding the Strait of Hormuz, fueling fears of possible supply interruptions and driving oil prices upward in international markets.
Brent crude increased by 1.77% to settle at $103.1 per barrel, while West Texas Intermediate (WTI) advanced to $96.92 per barrel. Murban crude also posted gains, reaching $105.1 per barrel.
Market checks indicate that filling stations are already adjusting their pump prices in response to the mounting pressure. MRS Oil Nigeria Plc, one of the key distributors of petrol from the Dangote Refinery, currently sells Premium Motor Spirit (PMS) at N1,320 per litre.
Another Dangote Refinery partner, Ardova Plc (AP), has set its petrol price at N1,325 per litre, while Lado Oil is selling PMS at N1,350 per litre. In several areas of Lagos, petrol prices have reportedly surged to as much as N1,400 per litre, increasing the financial burden on transporters, businesses, and households.
