Petrol Depot Price Hits ₦1,900/Litre As Marketers Hike Rates Despite NNPC Price Cut

Petrol prices have climbed to ₦1,900 per litre at several depots in Port Harcourt, while diesel has reached the same price level in Warri amid fresh increases in the cost of petroleum products across parts of Nigeria.

According to a report by Vanguard on Saturday, October 10, 2026, several petroleum marketers adjusted their depot prices upward on Friday, even as some filling stations in Lagos continued to sell petrol at lower rates.

NIPCO recorded one of the biggest increases in Port Harcourt, raising its petrol price by ₦170 per litre from ₦1,730 to ₦1,900; Six other depots also increased their rates by ₦150 to reach the same price.

African Terminal, Ascon, Eterna, Gulf Treasure, Ibachem and Ibeto raised their prices from ₦1,750 to ₦1,900 per litre; Duport and Integrated also increased their rates to ₦1,806 per litre.

In Lagos, Masters raised its petrol price to ₦1,350 per litre, while Matrix adjusted its rate to ₦1,360; Sigmund, T.S.L. and NIPCO also recorded increases.

At the retail level, NNPC Limited sold petrol at ₦1,360 per litre at its filling stations in Lagos and surrounding areas; MRS Oil sold the product at ₦1,338 per litre, while 11 Plc charged approximately ₦1,338.80.

Independent marketers sold petrol for between ₦1,368 and ₦1,400 per litre, depending on the location.

The diesel market also experienced significant increases, particularly in Warri, where Rain Oil and Matrix raised their prices by ₦180 per litre, from ₦1,720 to ₦1,900.

In Port Harcourt, Dangote increased its diesel price from ₦1,702 to ₦1,720 per litre, while Masters raised its rate from ₦1,788 to ₦1,825.

The latest developments coincided with an increase in international crude oil prices; Brent crude rose to $104.50 per barrel from $104.28, while West Texas Intermediate climbed to $91.73 from $91.49.

The rising cost of petroleum products could increase transportation expenses and operating costs for manufacturers and businesses that rely on diesel for power generation.

However, international crude oil prices are not the only factors influencing domestic petroleum prices; Supply conditions, transportation expenses, product replacement costs and marketers’ pricing decisions can also contribute to changes in depot rates.

The latest increases highlight the continued volatility in Nigeria’s petroleum market, with wholesale prices rising sharply in some locations while motorists in other areas still enjoy relatively lower pump prices.