Nigeria’s downstream petroleum market recorded mixed but predominantly upward depot price movements between Monday, October 5, and Friday, October 9, 2026, with petrol prices rising across depots in Lagos, Warri, Port Harcourt and Calabar. Diesel prices also increased at several locations, with Warri’s Matrix depot recording the highest closing price at ₦2,000 per litre.
The movements came after Dangote Petroleum Refinery reduced its Automotive Gas Oil (AGO), also known as diesel, gantry price from ₦1,780 to ₦1,700 per litre, effective October 7. However, the latest depot intelligence report for Friday, October 9, showed diesel prices of ₦1,800 to ₦1,810 per litre across several Lagos depots, while Warri prices ranged from ₦1,900 to ₦2,000 per litre.
The latest movements followed a previous week of declining diesel import costs. Data from the Major Energies Marketers Association of Nigeria (MEMAN) showed that estimated spot diesel landing cost fell by ₦127.28 per litre, from ₦1,823.68 on September 30 to ₦1,696.40 on October 2.
Nevertheless, the latest depot quotations indicate that prices varied considerably across locations and operators.
LAGOS DEPOTS
PMS (Monday–Friday Movement)
Nipco: ₦1,323 → ₦1,350 (+₦27)
Wosbab: ₦1,323 → ₦1,342 (+₦19)
Aiteo: ₦1,324 → ₦1,350 (+₦26)
Lagos petrol prices increased most depots. Nipco recorded the largest increase at ₦27 per litre, followed by Aiteo at ₦26, while Wosbab rose by ₦19.
AGO (Monday–Friday Movement)
Ibeto: ₦1,775 → ₦1,805 (+₦30)
Ascon: ₦1,780 → ₦1,805 (+₦25)
Gulf Treasure: ₦1,780 → ₦1,805 (+₦25)
Ibachem: ₦1,775 → ₦1,800 (+₦25)
Integrated: ₦1,775 → ₦1,805 (+₦30)
African Terminal: ₦1,785 → ₦1,805 (+₦20)
Duport: ₦1,775 → ₦1,805 (+₦30)
Wosbab: ₦1,775 → ₦1,800 (+₦25)
Lagos diesel prices increased across most depots. Ibeto, Integrated and Duport each recorded a ₦30-per-litre increase, while Ascon, Gulf Treasure, Ibachem and Wosbab rose by ₦25. African Terminal recorded a ₦20 increase.
WARRI DEPOTS
PMS (Monday–Friday Movement)
Matrix: ₦1,323 → ₦1,360 (+₦37)
Optima: ₦1,325 → ₦1,360 (+₦35)
Keonamex: ₦1,325 → ₦1,360 (+₦35)
Nepal: ₦1,325 → ₦1,360 (+₦35)
Warri petrol prices increased across most depots with comparable quotations. Matrix recorded a ₦37-per-litre increase, while Optima, Keonamex and Nepal each rose by ₦35.
AGO (Monday–Friday Movement)
Matrix: ₦1,820 → ₦2,000 (+₦180)
Nipco: ₦1,815 → ₦1,900 (+₦85)
Warri recorded the highest diesel price in the review, with Matrix increasing by ₦180 per litre to ₦2,000. Nipco rose by ₦85 to ₦1,900 per litre.
PORT HARCOURT DEPOTS
PMS (Monday–Friday Movement)
TSL: ₦1,305 → ₦1,340 (+₦35)
Sigmund: ₦1,305 → ₦1,340 (+₦35)
Masters: ₦1,305 → ₦1,350 (+₦45)
Stockgap: ₦1,305 → ₦1,360 (+₦55)
Bulk Strategic: ₦1,800 → ₦1,350 (-₦450)
Port Harcourt petrol prices increased at TSL, Sigmund, Masters and Stockgap. Stockgap recorded the largest increase among these depots at ₦55 per litre, followed by Masters at ₦45, while TSL and Sigmund each rose by ₦35.
AGO (Monday–Friday Movement)
Bulk Strategic: ₦1,800 → ₦1,825 (+₦25)
Bulk Strategic increased its diesel price by ₦25 per litre to ₦1,825. The Friday intelligence report confirmed this as the lowest reported AGO price in Port Harcourt among the depots covered.
CALABAR DEPOTS
PMS (Monday–Friday Movement)
Matrix: ₦1,303 → ₦1,370 (+₦67)
Northwest: ₦1,310 → ₦1,350 (+₦40)
Calabar recorded significant petrol price increases, with Matrix rising by ₦67 per litre and Northwest by ₦40. Matrix’s Friday closing price of ₦1,370 was the highest among the reported Calabar depots.
The Friday report also listed Pivot at ₦1,350 per litre, matching Northwest’s closing price. The market’s reported petrol prices therefore ranged from ₦1,350 to ₦1,370 per litre.
MARKET OUTLOOK
Depot prices rose across most locations during the week, with petrol and diesel increases recorded in Lagos, Warri, Port Harcourt and Calabar.
The market will continue to be shaped by changes in landing costs, refinery pricing and supply conditions. MEMAN’s October 8 data put petrol landing cost at ₦1,316.93 per litre, up ₦20.15, while diesel landing cost rose by ₦108.43 to ₦1,878.74. These increases could sustain upward pressure on depot prices, although movements may vary by location and supplier.