Depot prices of Automotive Gas Oil (AGO) fell sharply across major Nigerian depots on May 12, 2026, extending a downward trend that contrasts strongly with the ongoing surge in global crude oil benchmarks.
In Lagos, AGO prices declined significantly within 24 hours. Rain Oil and AA Rano both adjusted their depot prices from ₦1,890 per litre on May 11 to ₦1,840 per litre on May 12, representing a ₦50 reduction or a 2.65% drop across the board. This uniform adjustment reflects coordinated softening in Lagos depot pricing rather than isolated movement.
In Warri, AGO prices also eased. First Fortune reduced its price from ₦1,888 to ₦1,855 per litre, a ₦33 drop or 1.75%. Danmarna followed a similar pattern, cutting its price from ₦1,890 to ₦1,855 per litre, a ₦35 decline or 1.85%. The movement signals steady downward pressure across Delta-based depots.
Port Harcourt recorded the mildest adjustments. Bulk Strategic lowered its price from ₦1,905 to ₦1,895 per litre, a ₦10 reduction or 0.52%. Sigmund moved from ₦1,910 to ₦1,890 per litre, a ₦20 drop or 1.05%, reflecting relatively stable but still weakening pricing compared to other regions.
According to Petroleumprice.ng, the nationwide movement highlights a consistent downward adjustment across depot markets at a time global crude oil prices are accelerating sharply. As at the time of writing 08:20 (WAT), Brent crude rose to $107.7 per barrel gaining 3.35%, while WTI crude traded at $102.3 per barrel, up 4.29%, signalling strong bullish momentum in the international oil market.
The divergence between rising crude oil prices and falling diesel depot prices has raised concerns among market participants. Typically, crude oil strength feeds into higher refined product prices due to increased replacement costs, freight exposure, and import parity pressures.
However, analysts note that the current trend is being shaped more by local market fundamentals than global pricing signals. They point to product availability, inventory build-up, competitive depot pricing behaviour, and possible stock liquidation strategies as key drivers behind the softening AGO prices.
Overall, the market is witnessing a clear mismatch: while crude oil is rallying on global supply risk concerns, Nigeria’s depot diesel prices are trending downward due to domestic supply dynamics and availability conditions rather than international cost pressure.