Petrol Prices Drop at Lagos, Port Harcourt, Calabar Depots as Diesel Jumps ₦110

Petrol prices fell at depots in Lagos, Port Harcourt and Calabar last week, even as diesel prices climbed by as much as ₦110 per litre in Lagos. The adjustments happened between Monday, October 19 and Friday, October 23, 2026, a week when Brent crude rose above $116 per barrel on renewed United States and Iran tensions.

The split movement offers relief on petrol but keeps pressure on businesses, transport operators and manufacturers that run on diesel.

Lagos: petrol down, diesel up across all 10 depots

MRS Tincan posted the biggest petrol cut in Lagos, lowering its Premium Motor Spirit price from ₦1,346 to ₦1,340 per litre, a ₦6 reduction. Pinnacle moved from ₦1,345.50 to ₦1,341, while Aiteo adjusted from ₦1,344 to ₦1,340 per litre.

Diesel went the other way in all 10 Lagos depots reviewed. Aiteo recorded the sharpest rise, adding ₦110 to take Automotive Gas Oil from ₦1,790 to ₦1,900 per litre. Wosbab followed with a ₦105 increase to ₦1,900. African Terminal, Duport, Pivot and Integrated each raised prices by ₦60 to ₦1,850. Honeywell had the smallest increase, ₦30, taking its diesel price to ₦1,850 per litre.

Port Harcourt, Calabar cut petrol as Warri edges up

Port Harcourt recorded some of the largest petrol reductions. Bulk Strategic cut its price by ₦20, from ₦1,360 to ₦1,340 per litre. TSL and Masters each reduced by ₦10 to ₦1,340, while Matrix lowered its rate by ₦7 to ₦1,343.

In Calabar, Matrix dropped petrol from ₦1,360 to ₦1,350, and Soroman cut by ₦5 to ₦1,350.

Warri moved in the opposite direction, though only slightly. Matrix raised petrol from ₦1,350 to ₦1,352, while Parker went from ₦1,348 to ₦1,350. Diesel prices there were mixed. Matrix added ₦50 to reach ₦1,900, Prudent cut by ₦25 to ₦1,815, and Rain Oil and A.Y.M. Shafa each recorded ₦15 reductions.

Dangote diesel loading suspension adds uncertainty

Dangote Petroleum Refinery suspended diesel gantry loading on Saturday, a move that has raised expectations of a possible price review. Brent crude climbed from about $110 to above $116 per barrel during the week, lifting replacement cost pressure on refiners and importers.

Competition among depot operators and existing stock helped keep petrol prices down. Sustained crude increases could reverse those cuts.

Marketers will be watching Dangote Refinery's next pricing decision, global crude movements and import landing costs. The coming week will show whether the petrol reductions reach the pump or give way to another round of increases.

On import costs, petrol landing cost fell slightly to ₦1,283.81 per litre from ₦1,292.88 per litre, a drop of ₦9.07, according to the Major Energies Marketers Association of Nigeria in its latest energy bulletin released on a Wednesday. Brent stood at $108.90 per barrel at that point, up marginally from $108.80.

For Nigerian businesses, cheaper petrol at the depot is welcome but diesel remains the bigger cost headache. Any sustained diesel rally feeds straight into logistics, factory power and transport fares, and that is where consumer prices feel it first.