Why marketers crashed petrol prices nationwide as diesel jumps

• Petrol prices fell at depots in Lagos, Port Harcourt and Calabar, while Warri recorded slight increases
• Diesel prices surged across Lagos, with Aiteo raising its rate by ₦110 to ₦1,900 per litre
• Brent crude topped $116 per barrel as Dangote Refinery suspended diesel loading, raising concerns over future fuel prices

Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.

Nigeria’s downstream petroleum market recorded contrasting price movements last week as marketers reduced petrol prices across major depots while diesel prices surged by as much as ₦110 per litre.

The adjustments occurred between Monday, October 19, and Friday, October 23, 2026, as Brent crude climbed above $116 per barrel amid renewed tensions between the United States and Iran.

Despite rising global oil prices, petrol became cheaper at several depots in Lagos, Port Harcourt and Calabar, offering some relief to marketers and raising hopes of lower pump prices.

However, diesel prices increased sharply in Lagos, creating fresh concerns for businesses, transport operators and manufacturers already struggling with high energy costs.

Lagos marketers cut petrol prices

In Lagos, petrol prices declined across three major depots, with MRS Tincan recording the biggest reduction.

The depot lowered its Premium Motor Spirit (PMS) price from ₦1,346 to ₦1,340 per litre, representing a ₦6 decrease.

Pinnacle reduced its price from ₦1,345.50 to ₦1,341, while Aiteo adjusted its rate from ₦1,344 to ₦1,340 per litre.

However, diesel prices moved in the opposite direction, rising across all 10 Lagos depots reviewed.

Aiteo recorded the sharpest increase, raising its Automotive Gas Oil (AGO) price by ₦110 from ₦1,790 to ₦1,900 per litre.

Wosbab followed with a ₦105 increase to ₦1,900, while African Terminal, Duport, Pivot and Integrated each raised prices by ₦60 to ₦1,850.

Honeywell recorded the smallest increase of ₦30, taking its diesel price to ₦1,850 per litre.

Petrol prices drop by ₦20 in Port Harcourt

Port Harcourt recorded some of the biggest petrol price reductions during the review period.

Bulk Strategic slashed its price by ₦20, from ₦1,360 to ₦1,340 per litre.

TSL and Masters each reduced prices by ₦10 to ₦1,340, while Matrix lowered its rate by ₦7 to ₦1,343.

In Calabar, Matrix reduced petrol prices from ₦1,360 to ₦1,350, while Soroman cut its rate by ₦5 to ₦1,350.

The reductions reflected continued competition among depot operators despite mounting international crude oil prices.

Warri depots record mixed prices

Unlike other locations, petrol prices increased marginally in Warri.

Matrix raised its price from ₦1,350 to ₦1,352, while Parker increased its rate from ₦1,348 to ₦1,350.

Diesel prices were mixed, with Matrix increasing its rate by ₦50 to ₦1,900.

However, Prudent reduced its price by ₦25 to ₦1,815, while Rain Oil and A.Y.M. Shafa each recorded ₦15 reductions.

Dangote refinery suspension raises fresh concerns

The market faces renewed uncertainty following reports that Dangote Petroleum Refinery suspended diesel gantry loading on Saturday.

The development has raised expectations of a possible price review as international crude prices remain elevated.

Brent crude climbed from approximately $110 to above $116 per barrel during the week, increasing replacement cost pressures on refiners and importers.

Although competition and existing inventories helped moderate petrol prices, sustained increases in crude costs could reverse the reductions.

Marketers will now closely monitor Dangote Refinery's next pricing decision, global crude movements and import landing costs.

For consumers, the coming week could determine whether recent petrol price reductions translate into cheaper pump prices or give way to another round of increases.

Petrol landing cost drops

Legit.ng earlier reported that the cost of importing petrol into Nigeria fell slightly to N1,283.81 per litre, down from N1,292.88 per litre, according to the Major Energies Marketers Association of Nigeria (MEMAN). MEMAN disclosed the figure in its latest energy bulletin released on Wednesday, showing a reduction of N9.07 per litre.

The drop came even as Brent crude oil prices edged up marginally, rising to $108.90 per barrel from $108.80 per barrel.

Source: Legit.ng