N1,901 Per Litre: Petrol, Diesel Prices Surge at Depots as Crude Crosses $100 Per Barrel
- Fuel prices in Nigeria rise again due to surging global crude oil prices
- Diesel prices increase by 3.88% amid greater exposure to international market factors
- Potential ripple effects on the economy as rising costs impact consumers and businesses
Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
Fuel prices across Nigeria’s major depots rose again on April 2, 2026, as a sharp surge in global crude oil prices pushed up the cost of refined products. Both petrol (PMS) and diesel (AGO) recorded increases, highlighting renewed pressure on the downstream oil market.
Data compiled by PetroleumPriceNG shows that the average price of petrol rose modestly from about ₦1,234 per litre on April 1 to ₦1,242 per litre on April 2.
Source: Getty Images
This represents an increase of ₦8, or roughly 0.65 per cent within 24 hours.
Diesel, however, saw a much steeper jump. The average price climbed from approximately ₦1,830 per litre to ₦1,901 per litre, marking a ₦71 increase, or 3.88 per cent day-on-day.
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Crude oil surge drives depot adjustments
The latest price movement comes amid a strong rally in the global oil market. Brent crude rose sharply to $107.6 per barrel, gaining 6.40 per cent, while West Texas Intermediate (WTI) surged even higher to $111.5 per barrel, up 11.41 per cent.
This spike has significantly increased the replacement cost of refined petroleum products imported into Nigeria, forcing depot operators to adjust their prices upward.
Industry players say the current trend reflects how closely Nigeria’s fuel pricing structure is tied to international crude benchmarks, especially in a deregulated market environment.
Depot prices across key locations
In Lagos, petrol prices on April 2 ranged between ₦1,240 and ₦1,250 per litre. Rainoil topped the range at ₦1,250, while Ascon, Bono, and Aiteo sold around ₦1,240.
Port Harcourt depots showed slightly lower levels, with Bulk Strategic at ₦1,240, and Master, Matrix, and Sigmund trading near ₦1,235 per litre.
Warri recorded similar figures, with Nepal and Rainoil at ₦1,250, and Matrix at ₦1,245.
Diesel prices displayed wider variation across locations. In Lagos, Ibeto sold at ₦1,820, Duport at ₦1,800, and Swift at ₦1,810, while Nipco and Matrix reached as high as ₦1,950 per litre.
In Port Harcourt and Warri, prices climbed even further, with some depots, including Matrix and A.Y.M Shafa, pushing diesel rates up to ₦2,000 per litre, while others remained closer to the ₦1,800 mark.
Diesel faces stronger pressure
Market analysts note that diesel’s sharper increase is driven by its greater exposure to international cost factors. These include higher freight charges, insurance premiums, and strong industrial demand, all of which amplify price volatility.
Unlike petrol, which often benefits from more stable supply chains and regulatory attention, diesel pricing tends to react more quickly to global disruptions.
What it means for consumers and businesses
The latest price adjustments signal a potential ripple effect across the broader economy.
Rising diesel costs, in particular, could increase transportation and production expenses, putting additional pressure on businesses and consumers already grappling with high living costs.
Source: UGC
With crude oil prices still trending above the $100 mark, industry watchers warn that further increases in depot and pump prices may be inevitable if global conditions remain unchanged.
Petrol prices crash at depots
Legit.ng earlier reported that petrol prices have recorded a modest decline across Nigeria, with private depot operators and filling stations adjusting their rates downward in response to easing global crude oil prices.
The development follows a recent shift in international oil markets after comments by Donald Trump suggesting that the United States could withdraw from the Middle East conflict within weeks.
The announcement helped calm tensions that had previously driven crude prices above $100 per barrel.
Source: Legit.ng
