Nigeria’s downstream petroleum market recorded mixed depot price movements between Monday, October 12, and Friday, October 16, 2026, as international crude oil prices climbed towards $110 per barrel amid renewed Middle East tensions and concerns over supply disruptions through the Strait of Hormuz.
The rally followed renewed military strikes and threats involving energy infrastructure in the Middle East, with Iran warning of retaliation against any US threat to its energy facilities. The developments heightened concerns about regional oil supplies and shipping through the Strait of Hormuz, a critical route for global crude oil shipments.
In Nigeria, MEMAN data dated October 12 put spot petrol landing cost at ₦1,348.19 per litre at the ASPM jetty, above the 30-day average of ₦1,329.82. The increase came as the Federal Government pursued a proposed ₦1,350-per-litre ceiling on petrol’s ex-gantry or landing cost, a move opposed by MEMAN, which called for market-driven pricing, more efficient distribution and lower operating costs.
LAGOS DEPOTS
PMS (Monday–Friday Movement)
Matrix: ₦1,350 → ₦1,350 (No change)
Nipco: ₦1,350 → ₦1,345 (-₦5)
Pinnacle: ₦1,350 → ₦1,350 (No change)
MRS Tincan: ₦1,327 → ₦1,335 (+₦8)
Wosbab: ₦1,350 → ₦1,345 (-₦5)
A.A. Rano: ₦1,350 → ₦1,346 (-₦4)
Aiteo: ₦1,350 → ₦1,344 (-₦6)
Rain Oil: ₦1,350 → ₦1,350 (No change)
Lagos petrol prices recorded mixed movements during the week. MRS Tincan posted an ₦8-per-litre increase, while Aiteo recorded the largest reduction among the depots reviewed, cutting its price by ₦6 to ₦1,344 per litre. Nipco and Wosbab each reduced prices by ₦5, while Matrix, Pinnacle and Rain Oil maintained their Monday levels.
AGO (Monday–Friday Movement)
African Terminal: ₦1,800 → ₦1,785 (-₦15)
Eterna: ₦1,800 → ₦1,810 (+₦10)
Ibachem: ₦1,800 → ₦1,785 (-₦15)
Ibeto: ₦1,810 → ₦1,785 (-₦25)
Ascon: ₦1,810 → ₦1,785 (-₦25)
Gulf Treasure: ₦1,800 → ₦1,785 (-₦15)
Duport: ₦1,800 → ₦1,785 (-₦15)
T.Time: ₦1,800 → ₦1,785 (-₦15)
Lagos diesel prices declined across most depots with comparable quotations. Ibeto and Ascon each reduced prices by ₦25, while African Terminal, Ibachem, Gulf Treasure, Duport and T.Time recorded reductions of ₦15 per litre. Eterna was the exception, increasing its price by ₦10 to ₦1,810 per litre.
WARRI DEPOTS
PMS (Monday–Friday Movement)
Matrix: ₦1,350 → ₦1,350 (No change)
Rain Oil: ₦1,355 → ₦1,350 (-₦5)
Parker: ₦1,350 → ₦1,350 (No change)
Keonamex: ₦1,350 → ₦1,350 (No change)
Warri petrol prices were largely stable during the review period. Matrix, Parker and Keonamex maintained their prices at ₦1,350 per litre, while Rain Oil reduced its price by ₦5 to the same level.
AGO (Monday–Friday Movement)
Matrix: ₦2,000 → ₦1,860 (-₦140)
Rain Oil: ₦1,900 → ₦1,850 (-₦50)
Nipco: ₦1,880 → ₦1,855 (-₦25)
A.Y.M. Shafa: ₦1,855 → ₦1,855 (No change)
Warri recorded substantial reductions in diesel prices. Matrix posted the largest decline, cutting its price by ₦140 per litre to ₦1,860. Rain Oil reduced its price by ₦50, while Nipco recorded a ₦25 reduction. A.Y.M. Shafa maintained its price at ₦1,855 per litre.
PORT HARCOURT DEPOTS
PMS (Monday–Friday Movement)
TSL: ₦1,345 → ₦1,344 (-₦1)
Sigmund: ₦1,345 → ₦1,344 (-₦1)
Masters: ₦1,345 → ₦1,345 (No change)
Port Harcourt petrol prices remained broadly stable. TSL and Sigmund each reduced their prices by ₦1 per litre, while Masters maintained its price at ₦1,345.
CALABAR DEPOTS
PMS (Monday–Friday Movement)
Matrix: ₦1,360 → ₦1,355 (-₦5)
Pivot: ₦1,370 → ₦1,354 (-₦16)
Calabar petrol prices declined at both depots with comparable quotations. Pivot recorded the larger reduction, cutting its price by ₦16 per litre to ₦1,354, while Matrix reduced its price by ₦5 to ₦1,355 per litre.
MARKET OUTLOOK
Depot prices moved unevenly during the week, with petrol prices largely stable or slightly lower across several locations, while diesel prices recorded notable reductions in Lagos and Warri. The movements show that rising international crude prices do not always translate into immediate depot price increases, as local prices also depend on inventories, refinery pricing, supply arrangements and competition.
However, Brent crude’s rise to nearly $110 per barrel could increase Nigeria’s petroleum import costs if sustained. MEMAN’s October 12 data put spot petrol landing cost at ₦1,348.19 per litre at the ASPM jetty, above the 30-day average of ₦1,329.82, indicating that import replacement costs were already elevated before the latest rally.
The proposed ₦1,350-per-litre ceiling on petrol’s ex-gantry or landing cost could face greater pressure if global oil prices and import expenses continue to rise. Developments around the Strait of Hormuz, domestic refinery pricing, the naira-dollar exchange rate and the government’s proposed pricing mechanism will remain key factors shaping depot prices in the coming week.