Relief As Depots Reduce Petrol, Diesel Rates Nationwide
- Major depots in Lagos, Port Harcourt, Warri and Calabar reduced petrol and diesel prices between October 21 and 22, 2026
- Brent crude climbed 4.11% to $113.30 per barrel even as local depot prices moved in the opposite direction
- Weak demand, adequate supply and competition among marketers are driving the price cuts across key depot locations
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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.
Nigerian depot owners and petroleum marketers have reduced petrol and diesel prices despite rising international crude oil prices, as weak demand, sufficient product availability and competition put pressure on selling prices.
Brent crude rose 4.11% to $113.30 per barrel, while US West Texas Intermediate (WTI) gained 2.36% to $99.44 per barrel at the time of writing.
Source: Getty Images
However, data from Petroleumprice.ng shows that several depots lowered their prices between Wednesday, October 21, and Thursday, October 22, 2026.
Lagos depots reduce petrol prices
In Lagos, Aiteo reduced its Premium Motor Spirit (PMS) price by N2 per litre to N1,342 from N1,344, Petroleumprice.ng
Ardova lowered its price by N4 to N1,343 from N1,347, while 11Plc cut its price by N3 to N1,344 from N1,347.
In Port Harcourt, Masters and Bulk Strategic reduced their petrol prices from N1,344 per litre on Wednesday to N1,342 on Thursday. TSL and Stock Gap also quoted N1,342 per litre.
Masters depot equally reduced its diesel price by N5 to N1,805 per litre on Thursday from N1,810 on October 20.
Here is a snapshot of depot price changes
Lagos depots
- Aiteo: from N1,344 to N1,342 per litre (down N2)
- Ardova: from N1,347 to N1,343 (down N4)
- 11Plc: from N1,347 to N1,344 (down N3)
- Nipco: N1,342 per litre on October 22
- African Terminal diesel: from N1,788 to N1,785 (down N3)
- TotalEnergies diesel: from N1,788 to N1,785 (down N3)
- Ascon diesel: N1,785 per litre on October 22
- Gulf Treasure diesel: N1,785 per litre on October 22
- Integrated diesel: N1,785 per litre on October 22
- Duport diesel: N1,785 per litre on October 22
Port Harcourt depots
- Masters petrol: from N1,344 to N1,342 (down N2)
- Bulk Strategic petrol: from N1,344 to N1,342 (down N2)
- TSL petrol: N1,342 per litre on October 22
- Stock Gap petrol: N1,342 per litre on October 22
- Masters diesel: from N1,810 to N1,805 (down N5)
Warri depots
- A.Y.M. Shafa diesel: from N1,850 to N1,840 (down N10)
- Rainoil diesel: N1,830 per litre on October 21 and 22
Source: Getty Images
Calabar depots
- Soroman petrol: from N1,345 to N1,343 (down N2)
- Matrix petrol: N1,342 per litre on October 22
NNPC announces new petrol price
Earlier, Legit.ng reported that the Nigerian National Petroleum Company Limited (NNPCL) increased its petrol price to N1,405 per litre at its filling stations, up N35 from the previous rate of N1,370.
The adjustment reportedly took effect a day after station attendants were notified over the weekend.
The latest rates also highlight differences in fuel prices across locations, as depot selling prices continue to vary from one marketer to another.
Source: Legit.ng
