Depots cut petrol and diesel prices despite Brent crude jumping to $113.30

Major depots in Lagos, Port Harcourt, Warri and Calabar lowered petrol and diesel prices between Wednesday, October 21, and Thursday, October 22, 2026. The cuts came even as Brent crude climbed 4.11% to $113.30 per barrel.

Weak demand, adequate supply and competition among marketers are pushing depot prices down, according to data from Petroleumprice.ng. US West Texas Intermediate also gained 2.36% to $99.44 per barrel at the time of writing, so local prices are moving against the international market.

Lagos depots lead the petrol cuts

Aiteo reduced its Premium Motor Spirit price by N2 per litre to N1,342 from N1,344. Ardova cut N4 to N1,343 from N1,347. 11Plc lowered its price by N3 to N1,344 from N1,347. Nipco quoted N1,342 per litre on October 22.

In Port Harcourt, Masters and Bulk Strategic dropped petrol from N1,344 per litre on Wednesday to N1,342 on Thursday. TSL and Stock Gap also quoted N1,342 per litre.

Other petrol moves: Soroman went from N1,345 to N1,343, down N2, while Matrix sold at N1,342 per litre on October 22.

Diesel falls too

Masters depot cut its diesel price by N5 to N1,805 per litre on Thursday from N1,810 on October 20.

African Terminal and TotalEnergies both reduced diesel from N1,788 to N1,785, down N3. Ascon, Gulf Treasure, Integrated and Duport all quoted N1,785 per litre on October 22.

A.Y.M. Shafa made the deepest diesel cut, from N1,850 to N1,840, down N10. Rainoil sold diesel at N1,830 per litre on both October 21 and 22.

NNPCL pump price still higher

The Nigerian National Petroleum Company Limited had earlier raised its petrol price to N1,405 per litre at its filling stations, up N35 from the previous N1,370. The adjustment reportedly took effect a day after station attendants were notified over the weekend.

The gap between depot and retail prices remains wide across locations, and depot selling prices continue to vary from one marketer to another.

For consumers, the direction of pump prices will depend on whether marketers pass on these depot cuts. Landing cost relief at the depot level usually takes time to reach the filling station, and retail prices rarely fall as fast as they rise.