Petrol Prices Crash as Depots Cut Rates, AP, MRS and Others Slash Pump Prices Nationwide
- Petrol prices fluctuated sharply on August 17, 2026, following depot rate hikes and subsequent reductions
- Major filling stations adjusted pump prices downward, offering relief to motorists amid ongoing market volatility
- Global oil market tensions keep pressure on Nigeria's petrol prices, influencing local supply and costs
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Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
Petrol prices witnessed fresh volatility on Monday, August 17, 2026, as private depot operators raised their rates in the morning before sharply cutting prices later in the day.
Data monitored by Legit.ng on PetroleumPriceNG showed that 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.
Source: UGC
Although prices remained relatively elevated, the later decline offered some relief after some depots had quoted rates close to ₦1,250 per litre earlier in the morning.
The latest movement highlights the continued volatility in Nigeria's downstream petroleum market, where depot and pump prices can change quickly in response to crude oil prices, supply conditions and developments in the international market.
Soroman leads morning price hike
Soroman recorded one of the sharpest movements, increasing its petrol price to ₦1,230 per litre before cutting the rate to ₦1,180, representing a ₦50 reduction.
Other depot operators also adjusted their prices.
Parker raised its petrol 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, meanwhile, retained its earlier increase of ₦5, with petrol selling at ₦1,185 per litre.
The sharp movements within hours underline the fluid nature of petrol pricing across the downstream sector.
AP, MRS and other filling stations cut pump prices
Despite the fluctuations at the depot level, several filling stations across Nigeria have 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, have also adjusted their pump prices downward following a recent decline in ex-depot rates.
Findings showed that MRS Oil, AP (Ardova), Lado Oil and other major marketers have cut petrol prices from levels that reached approximately ₦1,240 per litre in some locations in recent days.
MRS, Lado Oil and AP adjust prices
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 also lowered its price from approximately ₦1,240 to ₦1,220 per litre.
Similarly, AP filling stations have adjusted their prices downward, with petrol selling for around ₦1,200 per litre at some outlets.
The reductions are expected to provide some relief for motorists, particularly as petrol prices have remained a major driver of transportation and household costs in Nigeria.
Global oil market keeps pressure on petrol prices
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.
Source: Getty Images
The situation remains fluid, however, 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 sells higher than 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.
Source: Legit.ng
