Global crude oil prices have climbed sharply in recent days, yet Nigeria's downstream market is showing unexpected stability. Despite rising international benchmarks, petrol and diesel prices at depots across the country have remained largely unchanged, with only minor fluctuations recorded.
Depot Prices Show Mixed Movements
Data from PetroleumPriceNG shows that while depot rates remain somewhat volatile, the overall movement has been modest. As of Sunday, April 26, 2026, depot operators adopted varied pricing strategies. Some raised prices slightly, while others implemented small reductions to stay competitive.
In Lagos, NIPCO maintained its Premium Motor Spirit (PMS) price at N1,205 per litre. A&E adjusted its rate downward by N3 to N1,220 from N1,223 per litre. Optima also held steady at N1,220 per litre, reflecting a cautious approach to market shifts. On the higher end, Northwest recorded the most expensive PMS price at N1,230 per litre, highlighting the fragmented nature of depot pricing across operators.
Crude Oil Prices Hit Multi-Week Highs
Internationally, oil markets have rallied strongly, driven by supply concerns and geopolitical tensions. Brent crude futures climbed to about $105.7 per barrel on Friday, marking a fifth consecutive session of gains and a weekly jump of roughly 17 per cent. Meanwhile, West Texas Intermediate (WTI) crude settled at around $94.7 per barrel, easing slightly after a four-day rally. Despite the dip, WTI still posted a weekly gain of approximately 13 per cent, its strongest performance since early March.
Geopolitics and Supply Risks Drive Market
The surge in crude prices has largely been fuelled by ongoing geopolitical uncertainties, particularly around the Strait of Hormuz, a critical global oil shipping route. Recent signals from the United States about possible diplomatic engagement with Iran briefly softened market tensions. Reports indicated that US envoys could engage regional stakeholders, raising cautious optimism about a potential de-escalation. However, Iran has downplayed expectations, noting that no formal negotiations are currently scheduled. This uncertainty has kept a geopolitical premium embedded in oil prices.
Adding to the tension is the continued US naval blockade, which has restricted Iranian crude exports and tightened global supply. Analysts warn that even if the Strait of Hormuz reopens, it could take months for oil flows to normalise.
Outlook: Stability May Not Last
While Nigeria's fuel prices have remained steady for now, analysts caution that sustained increases in global crude prices could eventually filter into the local market. For the moment, depot operators appear to be carefully balancing pricing, but prolonged pressure in international markets may test this stability in the weeks ahead.
Legit.ng earlier reported that Nigeria's fuel market is showing fresh signs of strain as major depots and the Dangote Refinery quietly adjust Premium Motor Spirit (PMS) prices upward. While the increases remain modest, many motorists are wondering how long before they hit the pumps harder. As of Thursday, April 16, 2026, depot prices for petrol have inched up marginally, according to data tracked by PetroleumPriceNG and reported by Legit.ng.
