Petrol Prices Hit N1,900 Per Litre As Depot Prices Surge Despite NNPC Cut

According to a report by The Vanguard on Saturday, October 10, 2026, the Nigerian downstream petroleum sector is facing fresh pressure as wholesale depot prices for Premium Motor Spirit and diesel climb up to N1,900 per litre in key regional hubs like Port Harcourt and Warri, defying recent pump price adjustments by the Nigerian National Petroleum Company Limited.

A review of market activities shows that major players like NIPCO spearheaded the upward adjustment in Port Harcourt, pushing its petrol depot price up by N170 to reach N1,900 per litre.

Several other terminals, including African Terminal, Ascon, Eterna, Gulf Treasure, Ibachem, and Ibeto, followed suit by matching the N1,900 rate.

Meanwhile, retail prices in Lagos remain relatively lower, with NNPC stations retailing at N1,360 per litre and MRS selling at N1,338.

The diesel market witnessed similar sharp spikes. In Warri, major distributors such as Rain Oil and Matrix raised automotive gas oil prices by N180 to hit N1,900 per litre, threatening to ramp up operating overheads for transport operators and manufacturing firms that depend heavily on alternative power generation.

These domestic hikes coincide with shifting global energy benchmarks, where Brent crude edged up to $104.50 per barrel and the OPEC Basket climbed to $109.50. However, analysts note that international crude gains alone do not tell the whole story.

Speaking on the development, the Chief Executive Officer of Petroleumprice.ng, Olatide Jeremiah, explains that the downstream sector will continue to react to global energy shifts despite local dynamics.

Beyond international oil movements, local factors such as product replacement costs, logistics challenges, supply bottlenecks, and individual markup strategies continue to drive the wide gap between wholesale depot rates and retail pump prices nationwide.

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