Petrol depot prices have surged to ₦1,900 per litre in parts of Nigeria, despite a temporary price reduction announced by the Nigerian National Petroleum Company Limited (NNPC Ltd), raising concerns about the continued volatility of fuel prices and its impact on households and businesses.
The latest increases were recorded across major petroleum distribution centres, including Port Harcourt, Lagos, Warri and Calabar, with Port Harcourt witnessing some of the sharpest adjustments, according to reports by Vanguard and other Nigerian news outlets on Saturday, October 10, 2026.
At the Port Harcourt depots, NIPCO reportedly increased its Premium Motor Spirit (PMS) price by ₦170 per litre, from ₦1,730 to ₦1,900.
Six other depot operators — African Terminal, Ascon, Eterna, Gulf Treasure, Ibachem and Ibeto — also raised their prices from ₦1,750 to ₦1,900 per litre, representing an increase of ₦150.
However, Duport and Integrated adjusted their prices to ₦1,806 per litre from ₦1,750, reflecting a smaller increase of ₦56.
Petrol Prices Rise Across Major Cities
In Lagos, depot prices also recorded upward adjustments, although some filling stations continued to sell petrol below the rates charged by independent marketers.
Masters increased its depot price from ₦1,303 to ₦1,350 per litre, while Matrix raised its rate from ₦1,330 to ₦1,360.
In Calabar, Matrix reportedly increased its price from ₦1,315 to ₦1,370 per litre. In Warri, several marketers adjusted their prices to ₦1,360 per litre.
Retail prices also varied across locations. According to Vanguard, NNPC filling stations in Lagos sold petrol at ₦1,360 per litre, while MRS and 11 Plc sold at approximately ₦1,338 per litre.
Meanwhile, diesel prices have also come under pressure, with Rain Oil and Matrix reportedly raising their rates to ₦1,900 per litre in Warri, adding to concerns about rising operating costs for businesses and transport operators.
The varying prices reflect differences between depot and retail rates, as well as the changing costs faced by marketers across Nigeria’s deregulated downstream petroleum market.
Global Oil Prices and Supply Costs Under Pressure
The latest petrol price increases coincided with a rise in international crude oil prices, with Brent crude reaching $104.50 per barrel from $104.28, according to Vanguard.
Market observers have identified fluctuations in global oil prices, geopolitical tensions in the Middle East, exchange-rate pressures and domestic distribution costs as factors that can influence petroleum product prices.
Higher fuel costs could place additional pressure on transport fares, food distribution, manufacturing and other sectors that depend heavily on petrol and diesel.
However, the extent to which the latest depot increases will translate into higher pump prices will depend on individual marketers’ pricing decisions, supply arrangements and prevailing market conditions.
Federal Government Announces Temporary Petrol Discount
The latest price movements come amid the Federal Government’s efforts to ease the burden of high fuel prices on Nigerians.
Finance Minister and Coordinating Minister of the Economy, Taiwo Oyedele, recently announced a 30-day petrol discount at NNPC retail stations, with NNPC reducing its price by ₦66 per litre through October 31, 2026.
The government has maintained that the temporary intervention is not a return to the fuel subsidy regime abolished in 2023.
Oyedele said the arrangement was intended to provide temporary relief to consumers, while the government also proposed a petrol price ceiling of approximately ₦1,350 per litre to address price volatility.
The policy has, however, generated debate over its effectiveness and sustainability, particularly as depot prices have continued to fluctuate across different locations.
Former Vice President Atiku Abubakar has criticised the temporary discount, questioning whether it would provide lasting relief after the 30-day period expires.
Atiku has also reiterated his intention to restore petrol subsidy if elected president in 2027, arguing that government intervention should help protect Nigerians from the effects of high fuel prices.
President Bola Tinubu’s administration has rejected a return to the previous subsidy regime, maintaining that the current approach is intended to address price pressures without reinstating the former system.
Nigerians Face Uncertainty Over Fuel Prices
The latest developments underscore the challenges facing consumers and businesses as petrol and diesel prices remain volatile.
For commercial transport operators, small businesses, manufacturers and households that rely on fuel for transportation and electricity generation, further increases could add to existing living and operating expenses.
Although the government’s temporary discount is intended to provide some relief, differences between depot prices and retail pump prices raise questions about how consistently consumers will benefit from the intervention.
With the 30-day discount scheduled to run until October 31, attention will remain on the government’s proposed price ceiling, the response of depot operators and whether market conditions will allow fuel prices to stabilise.
Source: Vanguard, Channels Television and other Nigerian news reports.
