Petrol Prices Drop at Depots, Will Nigerians Pay Less at Filling Stations?

Petrol depot prices have dropped across Lagos, Port Harcourt and Calabar, with Dangote Refinery and major marketers reducing their rates by as much as ₦20 per litre. However, the reductions may not immediately reflect at filling stations.

Nigerian motorists may be heading for some relief as petroleum marketers have reduced petrol depot prices across three major fuel distribution centres in the country.

The latest adjustments, recorded on Thursday, October 29, 2026, saw several operators lower their selling rates in Lagos, Port Harcourt and Calabar.

According to data reported by Legit.ng, Dangote Petroleum Refinery reduced its petrol price from ₦1,308 to ₦1,290 per litre in Lagos, representing an ₦18 reduction.

Other depot operators also reviewed their prices downwards, with Pinnacle and Rainoil recording the biggest cuts in Lagos.

The development comes amid continued fluctuations in Nigeria’s downstream petroleum market, where depot prices determine how much filling station operators pay to purchase petrol before transportation and other operating expenses.

In Lagos, Pinnacle and Rainoil reduced their petrol prices by ₦20 each, bringing their new rates to ₦1,300 per litre.

MRS also lowered its price by ₦14 to ₦1,310, while NIPCO reduced its rate by ₦10 to the same amount.

African Terminal cut its price by ₦12 to ₦1,307 per litre.

Dangote Refinery’s new rate of ₦1,290 makes it the cheapest among the listed depots in Lagos.

The reductions were also recorded in Port Harcourt, where Bulk Strategic and Masters reduced their prices by ₦8 each to ₦1,325 per litre.

Matrix also lowered its rate from ₦1,335 to ₦1,328, representing a ₦7 reduction.

In Calabar, Matrix reduced its petrol price by ₦6 to ₦1,332, while Northwest cut its rate by ₦5 to ₦1,335 per litre.

The figures show that petrol remains more expensive in Calabar than in Lagos, with Northwest recording the highest listed price among the depots covered in the report.

Although the latest reductions offer some relief at the wholesale level, motorists may not immediately experience cheaper petrol.

This is because depot prices are different from the pump prices consumers pay at filling stations.

Retailers purchase petrol from depots and incur additional expenses, including transportation, logistics, staff costs and other operating charges.

Consequently, a reduction in depot prices does not automatically translate into an equivalent reduction at filling stations.

The pace at which retailers adjust their prices may also depend on the cost of their existing stock. Some operators may still have petrol purchased at higher rates and could wait until they replenish their supplies before reviewing pump prices.

For context, the Nigerian National Petroleum Company Limited (NNPCL) recently increased its petrol pump price to ₦1,405 per litre at its filling stations, following an earlier rate of ₦1,370.

This means the latest depot reductions have yet to establish a corresponding nationwide reduction in retail prices.

The latest adjustments could increase pressure on filling station operators to review their prices if lower depot rates persist.

However, whether motorists eventually benefit will depend on how retailers respond to the wholesale market changes.

For now, Dangote Refinery’s ₦1,290 rate in Lagos represents the lowest listed price among the depots covered, while Calabar recorded comparatively higher rates.

Motorists will be watching to see whether the latest reductions trigger another round of price adjustments at filling stations across the country.