Petrol Depots Raise Prices to ₦1,900/Litre Despite NNPC Price Cut

Petrol depot prices have surged across several Nigerian cities, with prices reaching ₦1,900 per litre in Port Harcourt, despite a recent price reduction announced by the Nigerian National Petroleum Company Limited (NNPC).

According to a report by Vanguard on Saturday, October 10, 2026, NIPCO increased its petrol price in Port Harcourt by ₦170, from ₦1,730 to ₦1,900 per litre, while six other depots raised their prices to the same level.

African Terminal, Ascon, Eterna, Gulf Treasure, Ibachem and Ibeto also increased their prices from ₦1,750 to ₦1,900 per litre. Duport and Integrated raised their prices to ₦1,806 per litre.

In Lagos, several depots also adjusted their prices upward. Masters increased its price from ₦1,303 to ₦1,350 per litre, while Matrix raised its price from ₦1,330 to ₦1,360. NIPCO, Sigmund and T.S.L also recorded increases.

Prices rose in other locations, including Calabar and Warri, where several depots adjusted their rates to between ₦1,360 and ₦1,370 per litre.

At the retail level, NNPC sold petrol at ₦1,360 per litre at its filling stations in Lagos and surrounding areas. MRS Oil Nigeria and 11 Plc sold at ₦1,338 and ₦1,338.80 per litre, respectively, while independent marketers charged between ₦1,368 and ₦1,400.

The report also highlighted rising diesel prices, with Rain Oil and Matrix increasing their diesel prices in Warri by ₦180 to ₦1,900 per litre.

The latest increases coincided with a rise in international crude oil prices. Brent crude climbed to $104.50 per barrel, while the US benchmark, West Texas Intermediate (WTI), rose to $91.73.

Commenting on the market outlook, Olatide Jeremiah, chief executive officer of Petroleumprice.ng, said Nigeria’s downstream petroleum market would continue to respond to developments in the global oil market.

The increases come amid the Federal Government’s recently announced 30-day petrol discount at NNPC-operated filling stations, intended to provide temporary relief to consumers.

The contrasting price movements across depots and filling stations underscore continuing volatility in Nigeria’s petroleum market, raising concerns about the potential impact on transportation costs, food prices and business operations.