Lagos depots cut petrol by N29, diesel by N11 despite crude rebound

Petrol and diesel depot prices in Lagos fell on Thursday, November 12, 2026, even as global crude benchmarks rose on renewed United States-Iran tensions. Average petrol depot price dropped by N29 per litre, from N1,239 to N1,210, a 2.34% decline. Diesel fell by N11 per litre, from N1,699 to N1,688, down 0.65%.

The decline in wholesale rates could give petroleum marketers room to lower retail prices, but pump prices will still depend on transport costs, stock levels and filling station pricing decisions.

Depot quotes

Market data published by Petroleumprice.ng showed some depots quoted below the average. Pinnacle had the lowest petrol price at N1,200 per litre. Aiteo followed at N1,204, while African Terminal, Ascon and Integrated quoted N1,210 per litre.

Diesel quotes were more uniform. Integrated, Ascon, Duport, Gulf Treasure, African Terminal, Ibeto and Ibachem all quoted N1,688 per litre. The pricing suggests competition among depot operators looking to attract marketers and keep product sales moving.

Crude prices climb

The domestic price cuts contrasted with the international market. Brent rose 1.79% to $94.42 per barrel. West Texas Intermediate gained 1.07% to $87.46. Murban advanced 1.66% to $93.47 per barrel.

The gains followed comments attributed to US President Donald Trump rejecting the need for a negotiated agreement with Iran. His remarks renewed concerns about prolonged Middle East tensions and possible disruptions to petroleum shipments through the Strait of Hormuz. Brent had retreated from about $118 per barrel in late October on expectations of easing geopolitical tensions.

What it means

Lower depot prices are not the same as lower pump prices. Retailers must cover transportation, operating expenses and profit margins before adjusting their selling rates. The figures point to easing wholesale costs rather than a confirmed nationwide reduction at filling stations.

For motorists and businesses, a sustained downward trend could eventually reduce transport and energy costs. The Federal Competition and Consumer Protection Commission has already warned petroleum refiners and marketers over high petrol and diesel prices despite falling crude oil prices in the international market. Nigerians currently pay between N1,325 and N1,420 per litre for petrol.

The market update also noted that MRS cut its pump rate to N1,399, while Dangote Refinery cut petrol price to N1,250 per litre, changed its pricing system and named 25 marketers.