Nigeria’s downstream petroleum market recorded broad-based increases in depot prices between Monday, August 31 and Friday, September 4, 2026, with both petrol and diesel prices rising across key trading locations.
The latest weekly review by Petroleumprice.ng shows that PMS prices increased across depots monitored in Lagos, Warri, Port Harcourt and Calabar. AGO prices also recorded significant increases, particularly in Lagos and Warri, as higher refinery gantry prices filtered into the wholesale market.
The week’s movements came against a rapidly changing international oil market, with renewed US-Iran hostilities and disruption around the Strait of Hormuz pushing crude prices towards the $100 per barrel mark.
LAGOS DEPOTS
PMS (Monday–Friday Movement)
Integrated: ₦1,270 → ₦1,280 (+₦10)
Ascon: ₦1,269 → ₦1,280 (+₦11)
Sahara: ₦1,269 → ₦1,280 (+₦11)
Aiteo: ₦1,270 → ₦1,280 (+₦10)
Nipco: ₦1,275 → ₦1,280 (+₦5)
Pinnacle: ₦1,266 → ₦1,290 (+₦24)
Lagos PMS prices increased across all major depots during the week. Pinnacle recorded the largest increase at ₦24 per litre, rising from ₦1,266 to ₦1,290, while Ascon and Sahara each gained ₦11. Nipco posted the smallest increase at ₦5 per litre.
AGO (Monday–Friday Movement)
Obat: ₦1,718 → ₦1,790 (+₦72)
Pinnacle: ₦1,670 → ₦1,830 (+₦160)
Ibeto: ₦1,710 → ₦1,790 (+₦80)
African Terminal: ₦1,750 → ₦1,800 (+₦50)
Integrated: ₦1,750 → ₦1,800 (+₦50)
Duport: ₦1,750 → ₦1,790 (+₦40)
Ibachem: ₦1,750 → ₦1,790 (+₦40)
Gulf Treasure: ₦1,750 → ₦1,800 (+₦50)
Ascon: ₦1,750 → ₦1,800 (+₦50)
Sahara: ₦1,750 → ₦1,800 (+₦50)
Rainoil: ₦1,700 → ₦1,800 (+₦100)
T. Time: ₦1,690 → ₦1,790 (+₦100)
Lagos AGO recorded a sharp upward movement during the week, with all major depots posting higher prices. Pinnacle recorded the largest increase at ₦160 per litre, while Rainoil and T. Time each gained ₦100. Duport and Ibachem recorded the smallest increases at ₦40 per litre.
The movement followed two upward revisions in Dangote Petroleum Refinery’s AGO gantry price during the week. The refinery first raised the price from ₦1,670 to ₦1,750 per litre on September 1, before increasing it again by ₦100 to ₦1,850 per litre effective from 12:00 a.m. on September 4.
The latest adjustment represents a 5.7 per cent increase from ₦1,750 and brings the cumulative increase across the two revisions to ₦180 per litre.
WARRI DEPOTS
PMS (Monday–Friday Movement)
Nepal: ₦1,275 → ₦1,295 (+₦20)
Optima: ₦1,274 → ₦1,295 (+₦21)
Prudent: ₦1,274 → ₦1,298 (+₦24)
Keonamex: ₦1,273 → ₦1,295 (+₦22)
Warri’s PMS market recorded increases across all major depots. Prudent posted the largest gain at ₦24 per litre, rising from ₦1,274 to ₦1,298, while Nepal recorded the smallest increase at ₦20.
AGO (Monday–Friday Movement)
Rain Oil: ₦1,690 → ₦1,900 (+₦210)
Prudent: ₦1,700 → ₦1,900 (+₦200)
Warri AGO recorded some of the strongest increases of the week. Rain Oil rose by ₦210 per litre from ₦1,690 to ₦1,900, while Prudent increased by ₦200 to the same ₦1,900 per litre level.
PORT HARCOURT DEPOTS
PMS (Monday–Friday Movement)
Stockgap: ₦1,280 → ₦1,295 (+₦15)
Liquid Bulk: ₦1,278 → ₦1,287 (+₦9)
TSL: ₦1,278 → ₦1,287 (+₦9)
Sigmund: ₦1,278 → ₦1,287 (+₦9)
Port Harcourt’s PMS market also moved higher during the week. Stockgap recorded the largest increase at ₦15 per litre, while Liquid Bulk, TSL and Sigmund each gained ₦9.
AGO (Monday–Friday Movement)
Bulk Strategic: ₦1,715 → ₦1,840 (+₦125)
Bulk Strategic recorded a ₦125 per litre increase during the week, taking its AGO price from ₦1,715 on Monday to ₦1,840 per litre on Friday.
CALABAR DEPOTS
PMS (Monday–Friday Movement)
Matrix: ₦1,273 → ₦1,310 (+₦37)
Soroman: ₦1,268 → ₦1,300 (+₦32)
Hong Petroleum: ₦1,268 → ₦1,295 (+₦27)
Fynefield: ₦1,270 → ₦1,310 (+₦40)
Sobaz: ₦1,270 → ₦1,310 (+₦40)
Calabar recorded broad increases in PMS prices across all major depots. Fynefield and Sobaz posted the largest increases at ₦40 per litre each, followed by Matrix with a ₦37 increase.
MARKET OUTLOOK
Nigeria’s petrol landing cost has climbed to ₦1,314.67 per litre, while diesel (AGO) stands at ₦1,850.66 per litre, according to the Major Energies Marketers Association of Nigeria (MEMAN), putting fresh pressure on the domestic market as Brent crude approaches $100 per barrel amid renewed US-Iran hostilities and disruption around the Strait of Hormuz.
The pressure was particularly evident in the Lagos diesel market, where Dangote Petroleum Refinery’s two AGO price increases during the week provided a major reference point for wholesale pricing. The refinery moved from ₦1,670 to ₦1,750 per litre on September 1 and subsequently to ₦1,850 on September 4, a cumulative ₦180 increase within the week.
The latest refinery adjustment came as several Lagos depot responded by reviewing their diesel prices, with Friday’s depot prices ranging from ₦1,790 to ₦1,830 per litre. Pinnacle recorded the highest qualifying Lagos AGO price at ₦1,830 per litre, while Obat, Ibeto, Duport, Ibachem and T. Time closed at ₦1,790.
The sharp increase in AGO prices across the week also reflects the widening pressure between domestic wholesale prices and international replacement costs, with the MEMAN diesel landing cost of ₦1,850.66 per litre now sitting above most Lagos depot prices.