Fresh pressure is building on Nigerian consumers as major depot operators, including Ardova Plc (AP) and MRS Oil Nigeria Plc, have increased petrol depot prices following the continued rise in global crude oil costs.

The latest adjustment is expected to trigger another round of pump price hikes across filling stations nationwide, worsening the burden on households already struggling with rising transport fares and food inflation.

Industry data showed that Premium Motor Spirit (PMS), commonly known as petrol, now sells for between N1,278 and N1,290 per litre at major depots as of Friday, May 15, 2026.

Depot pricing data showed that Sobaz sold petrol at N1,290 per litre, while AP sold at N1,278. FYNFIELD also sold at N1,290, while A.A Rano adjusted its rate to N1,280 per litre.

The sharp increase at the depot level has already started reflecting at filling stations, where pump prices have climbed to as high as N1,340 per litre in some locations.

This means Nigerians may once again spend significantly more on transportation, logistics, and daily living expenses

The development comes despite earlier assurances from Dangote Refinery that it would work to reduce the frequency of petrol price hikes. Findings show that the refinery adjusted petrol prices nine times within the first three months of the year, including six increases and three reductions.

Analysts said the increase is largely linked to the volatility in international crude oil prices, fueled by the growing tensions around the Strait of Hormuz involving the United States and Iran. The strategic waterway remains one of the world’s most important oil shipping routes, and any disruption often sends shockwaves across global energy markets.

To protect themselves from possible losses, Nigerian depot owners have moved quickly to adjust their rates upward. According to data from PetroleumPriceNG, several operators raised PMS prices by about 1.0%, reflecting fears of further increases in landing costs.