Depot owners across Nigeria have significantly reduced the prices of petrol and diesel, with Lagos, Warri, and Port Harcourt witnessing notable declines. Rain Oil and AA Rano led the reduction in diesel prices in Lagos, cutting the price of automotive gas oil (AGO) from N1,890 to N1,840 per litre. These price drops come despite Brent crude and West Texas Intermediate (WTI) trading above $100 per barrel, reflecting strong global crude oil pressure.
Diesel Prices Drop Sharply Across Key Depots
According to data from depots across Nigeria as of May 12, 2026, a noticeable drop in AGO prices was observed across depots in Lagos, Warri, and Port Harcourt. In Lagos, both Rain Oil Limited and AA Rano saw diesel prices drop by N50 per litre, or 2.65%, to N1,840 from N1,890 on May 11, demonstrating widespread downward movement in the area.
Similar downward trends were seen in Warri, where First Fortune recorded a reduction of N33 to N1,855 from N1,888 per litre on May 11. Danmarna's AGO price reduced from N1,890 to N1,855 on the same date, translating to a loss of N35 per litre.
The drop in prices was more subtle in Port Harcourt, where Bulk Strategic dropped prices by N10 to N1,895 from N1,905 per litre, and Sigmund saw AGO prices dip from N1,910 to N1,890 per litre. This indicates that current fuel price movements are determined by readily available diesel supply and competitive depot pricing policies, rather than global crude oil trends.
Petrol Prices Ease Across Key Depots
The price of petrol (PMS) also saw downward price adjustments in depots across the nation. Dangote refinery dropped its PMS price from N1,283 to N1,281. Nipco Plc reduced its PMS price from N1,285 to N1,280 in Apapa. Matrix Energy lowered its PMS price from N1,225 to N1,223 in Port Harcourt and from N1,285 to N1,280 in Warri. Sigmund dropped its PMS price from N1,234 to N1,225. Pinnacle Oil and Gas reduced its PMS price from N1,316 to N1,280. Masters Energy cut its PMS price from N1,320 to N1,305. Rain Oil Limited dropped its PMS price from N1,300 to N1,290. Sahara reduced its PMS price from N1,295 to N1,294. Bulk Strategic terminal decreased its PMS price from N1,324 to N1,315. Soroman dropped its PMS price from N1,325 to N1,300.
Global Crude Oil Influence and Domestic Dynamics
This price drop has occurred despite strong performance in global crude oil benchmarks, with Brent and WTI exceeding $100 per barrel owing to global supply concerns. The relationship is unusual, as generally when crude prices increase, so do the prices of refined products because of import parity pricing and replacement pricing. However, increased local refining capacity from the Dangote Refinery and improved supply conditions have contributed to the downward trend.
Despite available refining capacity locally, Nigerian depot prices continue to incorporate a mix of global crude oil trends and domestic supply conditions. The price reductions signal renewed competition in the downstream petroleum market, benefiting consumers.
NNPC Petrol Prices
Legit.ng earlier reported that the Nigerian National Petroleum Company Limited (NNPC) increased the pump price of petrol in both Lagos and Abuja, citing higher supply costs in the downstream sector. A market check on Thursday, April 30, 2026, showed that NNPCL stations in Lagos now sell petrol at N1,320 per litre, up from N1,245, according to Petroleumprice.ng.
