Nigeria’s downstream petroleum market recorded mixed depot price movements between Monday, October 19, and Friday, October 23, 2026, as Brent crude surged to $116 per barrel amid renewed tensions between the United States and Iran. The rally heightened concerns about rising petroleum product replacement costs, while uncertainty surrounding the Strait of Hormuz added to global supply concerns.
Across Nigerian depots, petrol prices declined at most comparable locations in Lagos, Warri, Port Harcourt and Calabar, while diesel prices rose across the Lagos depots reviewed. The contrasting movements reflected differences in local supply conditions and depot pricing, even as the reported suspension of diesel loading at Dangote Refinery on Saturday raised the possibility of further price adjustments.
LAGOS DEPOTS
PMS (Monday–Friday movement)
Pinnacle: ₦1,345.50 → ₦1,341 (-₦4.50)
Aiteo: ₦1,344 → ₦1,340 (-₦4)
MRS Tincan: ₦1,346 → ₦1,340 (-₦6)
Lagos petrol prices declined across the three depots with comparable quotations. MRS Tincan recorded the largest reduction, cutting its price by ₦6 per litre to ₦1,340. Pinnacle reduced its price by ₦4.50, while Aiteo recorded a ₦4 decline.
AGO (Monday–Friday movement)
T.Time: ₦1,790 → ₦1,830 (+₦40)
African Terminal: ₦1,790 → ₦1,850 (+₦60)
Duport: ₦1,790 → ₦1,850 (+₦60)
Ibeto: ₦1,795 → ₦1,830 (+₦35)
Gulf Treasure: ₦1,790 → ₦1,830 (+₦40)
Honeywell: ₦1,820 → ₦1,850 (+₦30)
Wosbab: ₦1,795 → ₦1,900 (+₦105)
Pivot: ₦1,790 → ₦1,850 (+₦60)
Integrated: ₦1,790 → ₦1,850 (+₦60)
Aiteo: ₦1,790 → ₦1,900 (+₦110)
Diesel prices rose across all the Lagos depots with comparable quotations. Aiteo recorded the largest increase, adding ₦110 per litre to reach ₦1,900, followed by Wosbab, which raised its price by ₦105. African Terminal, Duport, Pivot and Integrated each increased prices by ₦60, while Honeywell recorded the smallest increase at ₦30 per litre.
WARRI DEPOTS
PMS (Monday–Friday movement)
Matrix: ₦1,350 → ₦1,352 (+₦2)
Parker: ₦1,348 → ₦1,350 (+₦2)
Petrol prices in Warri edged higher at the two depots with comparable quotations. Matrix and Parker each increased prices by ₦2 per litre, taking their Friday prices to ₦1,352 and ₦1,350, respectively.
AGO (Monday–Friday movement)
Rain Oil: ₦1,835 → ₦1,820 (-₦15)
Matrix: ₦1,850 → ₦1,900 (+₦50)
A.Y.M. Shafa: ₦1,850 → ₦1,835 (-₦15)
Prudent: ₦1,840 → ₦1,815 (-₦25)
Warri diesel prices recorded mixed movements. Matrix increased its price by ₦50 per litre to ₦1,900, while Prudent reduced its price by ₦25 to ₦1,815. Rain Oil and A.Y.M. Shafa each cut prices by ₦15 per litre.
PORT HARCOURT DEPOTS
PMS (Monday–Friday movement)
TSL: ₦1,350 → ₦1,340 (-₦10)
Bulk Strategic: ₦1,360 → ₦1,340 (-₦20)
Masters: ₦1,350 → ₦1,340 (-₦10)
Matrix: ₦1,350 → ₦1,343 (-₦7)
Port Harcourt petrol prices declined across all four depots with comparable quotations. Bulk Strategic recorded the largest reduction, cutting its price by ₦20 per litre to ₦1,340. TSL and Masters each reduced prices by ₦10, while Matrix recorded a ₦7 decline.
CALABAR DEPOTS
PMS (Monday–Friday movement)
Matrix: ₦1,360 → ₦1,350 (-₦10)
Soroman: ₦1,355 → ₦1,350 (-₦5)
Calabar petrol prices moved in different directions. Matrix reduced its price by ₦10 to ₦1,350. Soroman also lowered its price, recording a ₦5 decline.
MARKET OUTLOOK
This week’s depot movements suggest that domestic market fundamentals temporarily outweighed the sharp rally in international crude prices. While Brent climbed from around $110 to above $116 per barrel during the week, several marketers reduced petrol and diesel prices to stimulate sales, clear inventories and compete for limited demand, particularly in Lagos and Warri.
However, the market closed with stronger signals of upward pricing pressure after Dangote Refinery suspended diesel gantry loading, with industry sources indicating a price review could follow. Higher crude prices increase replacement costs for both refiners and importers, making sustained low depot prices more difficult if Brent remains slightly above $116.
The coming week will be shaped by any Dangote pricing adjustment, movements in Brent crude, landing cost trends, and how marketers balance replacement costs against competition and demand across Nigeria’s downstream market.