Relief As Petrol, Diesel Prices Crashes at Depots Nationwide
- Depot owners across Nigeria reduced petrol and diesel prices with Lagos, Warri, and Port Harcourt
- Rain Oil and AA Rano led Lagos diesel reductions, cutting AGO from N1,890 to N1,840 per litre
- The price drops come despite Brent and WTI trading above $100 per barrel and global crude pressure
Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
Private depot owners are lowering fuel prices despite international crude oil prices remain high, sparking renewed competition in the downstream petroleum market.
Brent crude and West Texas Intermediate (WTI) are trading at between $102 and $107 per barrel, placing upward pressure on refined products prices globally and influencing the movement of petrol and diesel in Nigeria despite an improved supply outlook domestically.
Source: Getty Images
Despite available refining capacity locally with the Dangote Refinery's operationality, Nigerian depot prices continue to incorporate a mix of global crude oil trends and domestic supply conditions.
The prices of petroleum products such as premium motor spirit (PMS), also known as petrol, and automotive gas oil (AGO), also called diesel, have been witnessing fluctuations across depots with a sharp decline in several key locations.
Diesel prices drop sharply across depots
Data obtained from depotdata from depots across Nigeria as of May 12, 2026, a noticeable drop in AGO prices is observed across depots in Lagos, Warri, and Port Harcourt.
In Lagos, both Rain Oil Limited and AA Rano saw diesel prices drop by 50 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 33 reduction 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 35 loss per litre.
The drop in prices was more subtle in Port Harcourt, where Bulk Strategic dropped prices by 10 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, not 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.
Petrol price changes
- Dangote refinery drops PMS price from N1,283 to N1,281.
- Nipco Plc drops PMS price from N1,285 to N1,280 in Apapa.
- Matrix Energy drops PMS price from N1,225 to N1,223 in Port Harcourt and from N1,285 to N1,280 in Warri.
- SIGMUND drops PMS price from N1,234 to N1,225.
- Pinnacle oil and Gas drops PMS price from N1,316 to N1,280.
- Masters energy drops PMS price from N1,320 to N1,305.
- Rain oil Limited drops PMS price from N1,300 to N1,290.
- Sahara drops PMS price from N1,295 to N1,294.
- Bulk Strategic terminal drops PMS price from N1,324 to N1,315.
- SOROMAN drops PMS price from N1,325 to N1,300.
Source: Getty Images
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 import parity pricing and replacement pricing increase.
NNPC petrol prices
Legit.ng earlier reported that the Nigerian National Petroleum Company Limited (NNPC) has 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, Petroleumprice.ng reported.
Source: Legit.ng
