Fresh petrol prices have been announced at major fuel depots across Nigeria after marketers raised rates in response to mounting uncertainty in the international oil market triggered by renewed conflict in the Middle East.
The updated pricing, released on Friday, July 10, 2026, reveals that a number of depot operators have increased the ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol.
The upward review comes amid growing concerns that rising tensions between the United States and Iran could interfere with global crude oil supply.
According to industry stakeholders, the latest adjustments are largely preventive, as marketers position themselves against the possibility of a significant increase in global crude oil prices if the geopolitical crisis escalates further.
Middle East conflict raises oil supply concerns
The latest price increase follows renewed hostilities in the Gulf region after Iran declared the closure of the strategic Strait of Hormuz upon the expiration of its ceasefire arrangement with the United States.
Reports indicate that Tehran alleged a commercial vessel breached its maritime regulations and engaged in hostile activities, leading the Islamic Revolutionary Guard Corps (IRGC) to intercept and attack the ship.
The IRGC stated that the vessel had navigated through an “unapproved route” and had switched off its tracking systems. It further declared that the Strait of Hormuz would remain closed “until further notice” and until what it described as the end of US interference in the region.
Reacting to the development, the United States Central Command (CENTCOM) confirmed that it had carried out military strikes targeting more than 140 Iranian military installations.
These included missile launch sites, drone facilities, naval assets, ammunition depots, and surveillance infrastructure.
Washington maintained that the operation was conducted to safeguard civilian and commercial shipping along the strategic maritime corridor.
These recent developments have intensified concerns over potential disruptions to global oil exports, given that the Strait of Hormuz remains one of the world’s most important routes for energy transportation.
Latest depot petrol prices
Figures obtained from PetroleumPriceNG show that depot petrol prices recorded an average increase of 0.46 per cent compared to previous rates.
The depots that announced fresh price adjustments include:
• Pinnacle Depot: N1,085 per litre
• Prudent Oghara: N1,100 per litre
• Sahara Depot: N1,074 per litre
• Bono Depot: N1,074 per litre
The revised rates represent a shift from the earlier benchmark of approximately N1,075 per litre that had been maintained by several depots.
What the increase means
Energy experts say the latest upward adjustment is a precautionary move designed to shield marketers from potential increases in crude oil prices should geopolitical tensions continue to worsen.
If the crisis in the Middle East persists and global oil prices continue to rise, Nigerians may experience further increases in petrol prices at both depot and retail filling station levels in the coming days, a development that could place additional pressure on transportation costs and inflation.
