Petrol Price Hits N1,900 Per Litre Despite NNPC Price Cut

‎According to a report by Vanguard News on October 10, 2026, petrol depot prices have climbed to N1,900 per litre in Port Harcourt, while diesel has reached the same price in Warri, following fresh increases by petroleum marketers across several Nigerian cities.

‎‎According to Vanguard, the increases were recorded on Friday in Lagos, Port Harcourt, Warri, and Calabar, despite lower petrol prices at some filling stations in Lagos.

‎‎NIPCO raised its petrol depot price in Port Harcourt by N170, from N1,730 to N1,900 per litre. African Terminal, Ascon, Eterna, Gulf Treasure, Ibachem, and Ibeto also increased their prices from N1,750 to N1,900 per litre.

‎Duport and Integrated raised their prices from N1,750 to N1,806 per litre.

‎‎In Lagos, Masters increased its petrol price from N1,303 to N1,350 per litre, while Matrix raised its rate from N1,330 to N1,360. Sigmund and T.S.L moved their prices from N1,300 to N1,350, while NIPCO increased its rate from N1,326 to N1,350 per litre.

‎‎Matrix raised its price in Calabar from N1,315 to N1,370 per litre. In Warri, Keonamex, Matrix, Nepal, and Parker increased their prices from N1,315 to N1,360, while Optima moved from N1,330 to N1,360 per litre.

‎‎Petrol pump prices differ across Lagos. Despite the increases at depots, petrol prices at filling stations in Lagos remained different across retailers.

‎The Nigerian National Petroleum Company Limited sold petrol at N1,360 per litre, while MRS Oil Nigeria Plc charged N1,338.11. Plc sold the product at N1,338.80 per litre.

‎‎Independent marketers sold petrol at prices ranging from N1,368 to N1,400 per litre, depending on the location.

‎‎Diesel prices also rose. Diesel prices recorded fresh increases in Warri, where Rain Oil and Matrix raised their rates by N180, from N1,720 to N1,900 per litre.

‎‎In Port Harcourt, Dangote increased its diesel price from N1,702 to N1,720 per litre, while Masters raised its rate from N1,788 to N1,825.

‎‎The higher diesel prices could increase operating expenses for businesses that depend on the product for transportation and electricity generation.

‎‎Global oil prices record mixed movements. The depot price increases coincided with a rise in Brent crude oil prices, which moved from $104.28 to $104.50 per barrel. West Texas Intermediate, the US benchmark, also rose from $91.49 to $91.73 per barrel.

‎‎The OPEC Basket increased from $108.59 to $109.50 per barrel, while WTI Midland rose from $92.32 to $92.74.

‎‎However, not all international oil benchmarks recorded increases. Murban crude fell from $110.49 to $108.50 per barrel, while gasoline prices declined from $3.316 to $3.293, and heating oil dropped from $4.883 to $4.724.

‎‎Chief Executive Officer of Petroleumprice.ng, Olatide Jeremiah, told Vanguard that Nigeria’s downstream petroleum sector would continue to respond to developments in the global oil market, despite domestic issues.

‎‎The latest increases leave motorists facing different petrol prices depending on their location and choice of filling station, while rising diesel costs could put additional pressure on businesses.

https://www.vanguardngr.com/2026/10/petrol-hits-n1900-litre-as-depot-prices-surge-despite-nnpc-cut/amp/

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