Major depots in Lagos, Port Harcourt, Warri, and Calabar reduced petrol and diesel prices between October 21 and 22, 2026, even as international crude oil prices climbed. Data from Petroleumprice.ng shows that weak demand, adequate supply, and competition among marketers are driving the price cuts across key depot locations.
Lagos Depots Slash Petrol Prices
In Lagos, Aiteo reduced its Premium Motor Spirit (PMS) price by N2 per litre to N1,342 from N1,344. Ardova lowered its price by N4 to N1,343 from N1,347, while 11Plc cut its price by N3 to N1,344 from N1,347. Nipco quoted N1,342 per litre on October 22.
Diesel prices also fell in Lagos. African Terminal and TotalEnergies both reduced diesel from N1,788 to N1,785 per litre, a drop of N3. Ascon, Gulf Treasure, Integrated, and Duport all quoted N1,785 per litre on October 22.
Port Harcourt, Warri, and Calabar See Similar Reductions
In Port Harcourt, Masters and Bulk Strategic reduced their petrol prices from N1,344 per litre on Wednesday to N1,342 on Thursday. TSL and Stock Gap also quoted N1,342 per litre. Masters depot reduced its diesel price by N5 to N1,805 per litre on Thursday from N1,810 on October 20.
In Warri, A.Y.M. Shafa cut diesel from N1,850 to N1,840 per litre, down N10. Rainoil quoted N1,830 per litre on October 21 and 22. In Calabar, Soroman reduced petrol from N1,345 to N1,343 per litre, down N2, while Matrix quoted N1,342 per litre on October 22.
Crude Oil Prices Rise Amid Local Cuts
Brent crude rose 4.11% to $113.30 per barrel, while US West Texas Intermediate (WTI) gained 2.36% to $99.44 per barrel at the time of writing. Despite this, local depot prices moved in the opposite direction due to market conditions.
Earlier, Legit.ng reported that the Nigerian National Petroleum Company Limited (NNPCL) increased its petrol price to N1,405 per litre at its filling stations, up N35 from the previous rate of N1,370. The adjustment reportedly took effect a day after station attendants were notified over the weekend.
The latest rates highlight differences in fuel prices across locations, as depot selling prices continue to vary from one marketer to another.
