N1360: Marketers Release New Petrol Prices, Dangote’s Rate Lower
- Petrol prices offered by depot owners across listed markets range from N1,344 to N1,360 per litre
- Matrix, Mainland, Pivot and Soroman charge more than Dangote’s N1,344 rate
- Rising global crude oil prices and supply concerns could put further pressure on fuel costs
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Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism and deep knowledge of the Nigerian economy, stocks, and market trends.
Oil marketers are selling petrol at higher depot prices than Dangote Petroleum Refinery’s rate, with prices reaching N1,360 per litre as rising global crude oil prices raise concerns about fuel supply costs.
Data released on Tuesday, October 20, 2026, showed Dangote Refinery’s petrol price at N1,344 per litre, up from N1,320, while other depots quoted prices ranging from N1,346 to N1,360 per litre.
Source: Getty Images
Petroluemprice.ng reports that Matrix recorded the highest listed price of N1,360 per litre, N16 above Dangote’s rate. Mainland, Pivot and Soroman also listed petrol at N1,358 per litre, representing a N14 difference.
The price variations come amid renewed pressure in the international oil market, where concerns about supply disruptions have contributed to rising crude oil prices.
Rising crude oil prices raise concerns
Movements in Brent crude prices, which are currently above $122 per barrel, are an important factor for oil importers and the wider petroleum market.
Higher international crude oil prices can increase the cost of sourcing petroleum products, particularly imported fuel.
Shipping expenses, foreign exchange movements, refining costs and distribution charges can also influence the prices charged by depots.
However, changes in crude oil prices do not automatically translate into immediate increases in Nigerian petrol prices.
The effect depends on procurement costs, product availability, exchange rates and individual suppliers’ pricing decisions.
Here is a snapshot of the latest petrol prices across depots
Lagos depots
- Mainland: N1,358 per litre
- Matrix: N1,360 per litre
- Pivot: N1,358 per litre
- Soroman: N1,358 per litre
Other listed depots
- Dangote: N1,344 per litre
- Pinnacle: N1,344 per litre
- MRS: N1,346 per litre
- Bulk Strategic: N1,346 per litre
- Masters: N1,346 per litre
- T.S.L: N1,346 per litre
- Wosbab: N1,348 per litre
- Optima: N1,350 per litre
- Parker: N1,350 per litre
- Rain Oil: N1,350 per litre
- Matrix: N1,352 per litre
Source: Getty Images
Pinnacle matches Dangote’s price
Pinnacle was among the depots that matched Dangote Refinery’s price at N1,344 per litre, the lowest rate in the supplied PMS price list.
The difference between the lowest and highest listed prices was N16 per litre. Marketers buying petrol at N1,360 per litre therefore face a higher depot acquisition cost than those buying at Dangote’s listed rate, before transportation and other operating expenses.
Dangote refinery on import claims
Earlier, Legit.ng reported that Dangote Refinery claimed to have identified those behind allegations that it imported petrol into Nigeria.
The company said the claims were misleading and intended to discredit Nigeria’s efforts to boost domestic refining.
The refinery said it would reveal the identities of those involved and their motives at a later date, adding that it planned to take legal action.
Source: Legit.ng
