Petrol prices swing sharply at depots as marketers cut pump rates

Petrol depot prices swung sharply on Monday, August 17, 2026, climbing as high as ₦1,230 per litre before falling to an average of ₦1,185 per litre. Major filling stations also adjusted pump prices downward, offering some relief to motorists.

Data monitored by Legit.ng on PetroleumPriceNG showed that private depot operators raised rates in the morning, with some quotes close to ₦1,250 per litre, before sharply cutting prices later in the day. By about 10:30 a.m., depot prices had hit ₦1,230, but they later dropped to a daily average of ₦1,185.

Sharp depot movements

Soroman recorded one of the sharpest swings. It increased its petrol price to ₦1,230 per litre before cutting to ₦1,180, a ₦50 reduction. Parker also raised its price to ₦1,200 before trimming to ₦1,195. Ardova increased its PMS price to ₦1,200 and then cut it to ₦1,180. Northwest, meanwhile, retained an earlier increase of ₦5, with petrol selling at ₦1,185 per litre.

The moves underline the fluid nature of petrol pricing across Nigeria's downstream sector, where depot and pump prices can change quickly in response to crude oil prices, supply conditions and international market developments.

Major marketers cut pump prices

Despite the volatility at depot level, several filling stations have maintained comparatively lower pump prices. A previous report by Legit.ng indicated that major retailers, including AP, MRS, Lado Oil and NNPC, had reduced prices to around ₦1,200 per litre, from about ₦1,240 previously.

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. AP filling stations adjusted downward, with petrol selling for around ₦1,200 per litre at some outlets.

Several major marketers sourcing petrol from the Dangote Refinery have cut ex-depot rates in recent days, and the reductions are expected to provide some relief for motorists, especially as petrol prices remain a major driver of transportation and household costs in Nigeria.

Global pressures remain

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. The situation remains fluid, 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. With the local market facing pressure to lower costs, further reductions at filling stations could reshape how Nigerians approach fuel expenses in the near future.