Petrol prices experienced sharp volatility on Monday, August 17, 2026, as private depot operators initially raised rates before cutting them later in the day, leading major filling stations like AP and MRS to reduce pump prices nationwide, according to data monitored by Legit.ng on PetroleumPriceNG.
Depot Prices Spike Then Fall
Data showed depot prices climbed as high as ₦1,230 per litre at about 10:30 a.m., before falling to an average of ₦1,185 per litre. Some depots had quoted rates close to ₦1,250 per litre earlier in the morning, but the later decline offered some relief to motorists.
Soroman recorded one of the sharpest movements, increasing its petrol price to ₦1,230 per litre before cutting it to ₦1,180, a ₦50 reduction. Parker raised its price to ₦1,200 per litre before reducing it slightly to ₦1,195. Ardova also increased its PMS price to ₦1,200 before cutting it to ₦1,180. Northwest retained its earlier increase of ₦5, with petrol selling at ₦1,185 per litre.
Filling Stations Adjust Pump Prices
Despite the fluctuations at the depot level, several filling stations across Nigeria maintained comparatively lower pump prices. A previous report by Legit.ng indicated that major petrol retailers, including AP, MRS, Lado Oil, and NNPC, had reduced their prices to around ₦1,200 per litre, from about ₦1,240 previously.
Several major marketers, particularly those sourcing petrol from the Dangote Refinery, adjusted their pump prices downward following a recent decline in ex-depot rates. MRS Oil, which sells petrol supplied by the Dangote Refinery, reduced its pump price from about ₦1,245 to ₦1,210 per litre in Ogun State and surrounding areas. Lado Oil lowered its price from approximately ₦1,240 to ₦1,220 per litre. AP filling stations have adjusted their prices downward, with petrol selling for around ₦1,200 per litre at some outlets.
Global Oil Market Pressure
Industry watchers say the latest price movements could be linked partly to developments in the international oil market, including renewed tensions between the United States and Iran and concerns surrounding the Strait of Hormuz. The situation remains fluid, and further changes in crude oil prices, supply conditions, and international developments could influence depot and retail petrol prices in the coming days.
For motorists, the latest trend means pump prices may continue to vary significantly between locations and filling stations as marketers respond to changing supply and depot costs.
Imported Petrol vs. Dangote Rate
Legit.ng earlier reported on the current pricing dynamics of petrol, diesel, and aviation fuel in Nigeria, highlighting the competitive edge of Dangote Refinery against imported alternatives. With the local market facing pressure to lower costs, the potential for further reductions at filling stations could significantly impact everyday consumers, reshaping how Nigerians approach fuel expenses in the near future.
