Major Price Cuts in Nigeria's Fuel Market Amid Competition

Between October 26 and October 30, 2026, Nigeria's downstream petroleum market saw notable reductions in petrol and diesel prices as depot operators engaged in intensified competition. In Lagos, average petrol depot prices dropped by ₦81.67 per litre, with Aiteo recording the largest cut of ₦85, bringing its price to ₦1,255 per litre.

Other operators like African Terminal and Ardova reduced their prices by ₦80 each, lowering their rates to ₦1,260 per litre. The average petrol price across the three depots fell to ₦1,258.33 per litre.

Diesel prices also saw significant reductions, with Rain Oil and Wosbab lowering theirs by ₦95 to ₦1,805 per litre. In Warri, Matrix and Parker reduced petrol prices to ₦1,300 per litre, while in Port Harcourt, Masters cut prices to ₦1,280 per litre.

Despite these reductions, rising international crude oil prices, which increased from $115.81 to $117.64 per barrel, could affect future price stability.