Petrol depot prices jumped across Lagos, Port Harcourt, Warri and Calabar on Friday, with several Port Harcourt marketers raising rates to ₦1,900 per litre.
The increases came even as some Lagos filling stations sold below the rates charged by independent marketers.
NIPCO led the Port Harcourt increases, raising its Premium Motor Spirit (PMS) price by ₦170 per litre to ₦1,900 from ₦1,730. Six other depots followed with ₦150 hikes to the same level.
African Terminal, Ascon, Eterna, Gulf Treasure, Ibachem and Ibeto all moved to ₦1,900 from ₦1,750 each. Duport and Integrated raised prices to ₦1,806 from ₦1,750, a ₦56 increase.
The movements tracked gains in international crude markets. Brent crude climbed to $104.50 per barrel from $104.28, while West Texas Intermediate (WTI) rose to $91.73 from $91.49.
In Lagos, Masters raised petrol to ₦1,350 per litre from ₦1,303, and Matrix moved to ₦1,360 from ₦1,330.
Sigmund and T.S.L both went to ₦1,350 from ₦1,300, while NIPCO rose to ₦1,350 from ₦1,326.
In Calabar, Matrix raised its price to ₦1,370 from ₦1,315. In Warri, Keonamex, Matrix, Nepal and Parker increased to ₦1,360 from ₦1,315 each.
Retail Prices Diverge From Depot Rates
At the pump, NNPC Limited sold petrol at ₦1,360 per litre at its Lagos stations. MRS Oil Nigeria Plc sold at ₦1,338, while 11 Plc sold at ₦1,338.80. Independent marketers charged between ₦1,368 and ₦1,400 per litre, depending on location.
Motorists buying from MRS and 11 Plc therefore paid less than those patronising some independent marketers.
The gap points to differing pricing decisions across the supply chain, with depot costs rising in several locations even as some stations held below independent marketer rates.
Diesel also climbed. In Warri, Rain Oil and Matrix raised Automotive Gas Oil (AGO) prices by ₦180 per litre to ₦1,900 from ₦1,720 each.
In Port Harcourt, Dangote increased diesel to ₦1,720 from ₦1,702, while Masters went to ₦1,825 from ₦1,788. Higher diesel costs feed directly into manufacturing, transport and power generation expenses.
On the international market, the OPEC Basket rose to $109.50 per barrel from $108.59, while WTI Midland increased to $92.74 from $92.32.
Natural gas climbed to $3.235 from $3.168, but Murban crude fell to $108.50 from $110.49. Gasoline declined to $3.293 from $3.316, and heating oil dropped to $4.724 from $4.883.
The mixed benchmarks indicate that local depot increases cannot be tied only to the day’s crude gains. Replacement costs, supply conditions, transport expenses and individual marketer decisions also shape domestic prices.
Olatide Jeremiah, Chief Executive Officer of Petroleumprice.ng, told another online news media, Vanguard, that “Despite domestic issues and development in Nigeria, the downstream sector would continue to respond or react to developments at the global oil market.”
UNCTAD Report Shows Nigeria’s Diesel Prices Rose Fastest Globally
Nigeria recorded the world’s steepest diesel price increase between February and August 2026, with pump prices rising 82.7%, according to the United Nations Conference on Trade and Development (UNCTAD).
The Trade and Development Report 2026: The Geoeconomics of Development was released on Friday, October 9, 2026, using fuel-price data as of August 31. Nigeria’s diesel surge outpaced Lebanon at 73.6%, Peru at 66.7% and Guatemala at 66.3%.
Nigeria also posted the world’s fourth-highest petrol increase at 48.1%. Myanmar led at 50.7%, followed by the United Arab Emirates at 49.8% and Malaysia at 48.4%.
UNCTAD said the global energy shock hit countries unevenly, with developing economies in Africa and Asia seeing some of the sharpest domestic increases. It warned that rising energy costs were eroding household purchasing power and constraining consumer spending.
The report linked the surge to damage to energy infrastructure and disruptions through the Strait of Hormuz, calling it the largest monthly loss of global energy supply on record.
Brent climbed from about $70 per barrel to more than $110 after the conflict began, and UNCTAD projected prices would stay more than $30 above pre-conflict levels through the end of 2026.
Export Gains Face Refining Constraints
UNCTAD identified Nigeria, Angola, Guyana and Kazakhstan as exporters positioned to gain from higher energy prices. For Nigeria, stronger crude prices could raise export earnings.
The report warned, however, that those gains could be undercut by insufficient domestic refining capacity and the cost of importing refined products.
Recent data cited in the report points to easing import dependence. The Dangote Petroleum Refinery reportedly supplied about 50 million litres of petrol daily in the first half of 2026.
Average daily petrol imports fell 26% to 14.6 million litres in August from 19.7 million litres in July. The petrol import bill dropped 96.15% to ₦87.40bn in the first quarter of 2026, against ₦2.27tn a year earlier.
Import licences still matter. In September, the Federal High Court in Abuja ordered the Nigerian Midstream and Downstream Petroleum Regulatory Authority to keep issuing licences to Matrix Energy, AA Rano and AYM Shafa, subject to statutory requirements.
UNCTAD also backed electric mobility as a long-term fix, stating wider use of electric motorbikes and buses could cut petrol and diesel dependence and strengthen energy security.
With petrol at ₦1,900 in several Port Harcourt depots and diesel at the same level in Warri, the price shifts show continued pressure on Nigeria’s downstream market.
Higher crude earnings may help, but without more refining and less reliance on imports, global shocks will keep driving up costs for consumers and businesses.
where are the political singers? The preachers of an impenetrable government? The one where everything is perfect, una no go like talk now.
E no fair oh, una go dey do, forgetting people, the reason you were elected in the first place, and more importantly leaving sympathy at the door.