Fuel prices across major depots in Nigeria recorded a fresh increase on April 2, 2026, with both petrol (PMS) and diesel (AGO) trending higher compared to April 1, as a sharp spike in global crude oil prices intensified cost pressures across the downstream market.
A comparative analysis of depot data by Petroleumprice.ng shows that the average PMS price rose from approximately ₦1,234/litre on April 1 to about ₦1,242/litre on April 2, reflecting a ₦8 increase, or about 0.65% day-on-day.
Diesel recorded a stronger movement, with the average AGO price climbing from roughly ₦1,830/litre to about ₦1,901/litre, marking a ₦71 increase, or a 3.88% surge within 24 hours.
The upward adjustment coincides with a sharp rally in global oil markets, where Brent crude jumped to $107.6 per barrel, up 6.40%, while WTI surged to $111.5, gaining 11.41%, significantly raising replacement costs for refined products.
On April 2, petrol prices across Lagos depots ranged between ₦1,240 and ₦1,250 per litre, with Rainoil at ₦1,250, while Ascon, Bono, and Aiteo traded at ₦1,240. In Port Harcourt, Bulk Strategic stood at ₦1,240, while Master, Matrix, and Sigmund hovered around ₦1,235. Warri depots recorded similar levels, with Nepal and Rainoil at ₦1,250 and Matrix at ₦1,245.
Diesel prices showed wider dispersion. In Lagos, Ibeto sold at ₦1,820, Duport at ₦1,800, Swift at ₦1,810, while Nipco and Matrix peaked at ₦1,950. In Port Harcourt and Warri, several depots, including Matrix and A.Y.M Shafa, pushed prices to ₦2,000 per litre, while others remained closer to ₦1,800.
By contrast, April 1 pricing reflected lower levels. PMS traded largely between ₦1,225 and ₦1,240 across Lagos depots, while Warri averaged ₦1,243–₦1,245. Diesel ranged between ₦1,790 and ₦1,850, with most depots clustered around ₦1,800–₦1,850.
Market participants attributed the sharper increase in diesel prices to its stronger exposure to international pricing dynamics, particularly freight, insurance, and industrial demand factors.
The latest adjustment underscores the sensitivity of Nigeria’s depot pricing structure to global crude benchmarks, with the current surge in oil prices directly translating into higher domestic fuel costs.