Petrol Prices Drop Nationwide As Marketers Announce New Rates at Depots
- Petrol depot prices declined across Lagos, Port Harcourt and Calabar on Thursday, October 29, 2026, as several fuel marketers reduced their selling rates
- Pinnacle and Rainoil recorded the biggest price cuts in Lagos, reducing their prices by N20 per litre to N1,300
- Calabar recorded the highest depot price of N1,335 per litre at Northwest, while Dangote offered the lowest listed rate of N1,290 in Lagos
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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.
Petrol depot prices declined across Lagos, Port Harcourt and Calabar on Thursday, October 29, 2026, as several marketers adjusted their selling rates downwards.
The latest price data showed that most depots reviewed reduced their petrol prices, although the extent of the cuts varied across the three locations.
Source: Getty Images
In Lagos, Dangote Refinery reduced its petrol price from N1,308 to N1,290 per litre, representing an N18 decline.
MRS also lowered its price by N14 to N1,310, while NIPCO reduced its rate by N10 to N1,310 per litre.
Pinnacle and Rainoil recorded the biggest reductions in Lagos, cutting their prices by N20 each to N1,300 per litre.
African Terminal reduced its price by N12 to N1,307, while Aiteo had no updated price in the latest data.
Petrol prices in Port Harcourt
Ptroluemprice.ng reports that in Port Harcourt, Bulk Strategic and Masters reduced their petrol prices by N8 each to N1,325 per litre.
Matrix also adjusted its price downwards by N7, from N1,335 to N1,328 per litre.
T.S.L listed its current price at N1,325 per litre, although its previous rate was unavailable for comparison.
Petrol prices in Calabar
In Calabar, Matrix reduced its petrol price by N6 to N1,332 per litre, while Northwest cut its rate by N5 to N1,335.
Soroman listed its current petrol price at N1,330 per litre, with no previous price available to establish the change.
The figures show that Lagos had the lowest listed depot price among the three locations, with Dangote offering petrol at N1,290 per litre.
Source: Getty Images
Meanwhile, Northwest in Calabar had the highest listed rate at N1,335 per litre.
The depot prices represent selling rates to marketers and may differ from the pump prices charged at filling stations, depending on transportation costs, operating expenses and retailers' margins.
NNPC announces new petrol price, marketers release new rates
Earlier, legit.ng reported that the Nigerian National Petroleum Company Limited (NNPCL) has pushed petrol prices up to N1,405 per litre at its filling stations, lifting the pump price by N35 from the previous rate of N1,370 per litre.
Filling station attendants were reportedly informed of the change over the weekend, with the new price taking effect the following day.
Figures recorded on October 16 showed that Bongas and Pivot depots in Calabar were both selling petrol to marketers at N1,354 per litre, which is N4 above the government's proposed target.
Source: Legit.ng
