Fuel Prices Crash Nationwide

Private depot owners are lowering fuel prices despite international crude oil prices remain high, sparking renewed competition in the downstream petroleum market, according to report.

Brent crude and West Texas Intermediate (WTI) are trading at between $102 and $107 per barrel, placing upward pressure on refined products prices globally and influencing the movement of petrol and diesel in Nigeria despite an improved supply outlook domestically.

Despite available refining capacity locally with the Dangote Refinery’s operationality, Nigerian depot prices continue to incorporate a mix of global crude oil trends and domestic supply conditions.

The prices of petroleum products such as premium motor spirit (PMS), also known as petrol, and automotive gas oil (AGO), also called diesel, have been witnessing fluctuations across depots with a sharp decline in several key locations.

Data obtained from depotdata from depots across Nigeria as of May 12, 2026, a noticeable drop in AGO.

In Lagos, both Rain Oil Limited and AA Rano saw diesel prices drop by 50 per litre, or 2.65%, to N1,840 from N1,890 on May 11, demonstrating widespread downward movement in the area.

Fortune recorded a N33 reduction to N1,855 from N1,888 per litre on May 11.

Danmarna’s AGO price reduced from N1,890 to N1,855 on the same date, translating to a 35 loss per litre.

The drop in prices was more subtle in Port Harcourt, where Bulk Strategic dropped prices by 10 to N1,895 from N1,905 per litre and Sigmund saw AGO prices dip from N1,910 to N1,890 per litre.

This indicates that current fuel price movements are determined by readily available diesel supply and competitive depot pricing policies, not global crude oil trends.

Petrol prices ease across key depots

The price of petrol (PMS) also saw downward price adjustments in depots across the nation.

Petrol price changes

Dangote refinery drops PMS price from N1,283 to N1,281.
Nipco Plc drops PMS price from N1,285 to N1,280 in Apapa.
Matrix Energy drops PMS price from N1,225 to N1,223 in Port Harcourt and from N1,285 to N1,280 in Warri.
SIGMUND drops PMS price from N1,234 to N1,225.
Pinnacle oil and Gas drops PMS price from N1,316 to N1,280.
Masters energy drops PMS price from N1,320 to N1,305.
Rain oil Limited drops PMS price from N1,300 to N1,290.
Sahara drops PMS price from N1,295 to N1,294.
Bulk Strategic terminal drops PMS price from N1,324 to N1,315.
SOROMAN drops PMS price from N1,325 to N1,300.

This price drop has occurred despite strong performance in global crude oil benchmarks, with Brent and WTI exceeding $100 per barrel owing to global supply concerns.

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