Petrol Prices Drop in Nigeria Amid Diesel Surge
Between October 19 and October 23, 2026, Nigeria's downstream petroleum market experienced contrasting price movements. Petrol prices decreased at various depots in Lagos and Calabar, providing some relief to marketers.
MRS Tincan reduced its Premium Motor Spirit (PMS) price from ₦1,346 to ₦1,340 per litre, while Pinnacle and Aiteo also adjusted their prices downwards. Conversely, diesel prices surged, with Aiteo increasing its Automotive Gas Oil (AGO) price by ₦110 to ₦1,900 per litre.
Other depots in Lagos followed suit with significant increases. In Port Harcourt, petrol prices were also reduced, with Bulk Strategic cutting its price by ₦20 to ₦1,340 per litre.
Despite the reductions in petrol prices, the market faces uncertainty due to rising crude oil prices, which climbed above $116 per barrel. Marketers are closely monitoring the pricing decisions of Dangote Refinery and global crude movements, as sustained increases in crude costs could reverse the recent petrol price reductions.
Plus234Feed summary based on reporting from Legit.ng. Read the original report below.
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