Petrol Depot Prices Rise to N1,300 as Marketers Adjust to Crude Market
By Eyo Nsima
The price of Premium Motor Spirit (PMS), otherwise known as petrol, rose to as high as N1,300 per litre at some Nigerian depots on Friday, September 11, 2026, amid fresh price adjustments across key petroleum products markets.
The latest mid-day price report showed that Masters Energy increased its PMS depot price in Lagos from N1,267 to N1,300 per litre, representing a N33, or 2.6 per cent, increase.
Pinnacle also raised its price marginally from N1,273 to N1,275 per litre, while Stockgap reduced its price by N1 from N1,268 to N1,267 per litre.
Dangote Petroleum Refinery maintained its PMS price at N1,266 per litre, making it one of the lowest reported depot prices in Lagos.
The report showed significant price variations across the downstream market, with several depots quoting prices between N1,266 and N1,300 per litre.
In Port Harcourt, however, petrol prices were generally higher, with Dangote Refinery increasing its PMS price marginally from N1,850 to N1,851 per litre.
The AGO, otherwise known as diesel, market recorded sharper increases in some locations.
Masters Energy raised its AGO price in Port Harcourt from N1,825 to N1,940 per litre, representing an increase of N115, or about 6.3 per cent.
Pinnacle also increased AGO from N1,850 to N1,880 per litre, while Dangote Refinery moved its price from N1,850 to N1,851.
African Terminal and Integrated depots raised their AGO prices by N15 each, from N1,820 to N1,835 per litre.
In Calabar, PMS prices at Mainland and Soroman rose from N1,269 to N1,285 per litre, an increase of N16 per litre.
The Warri market recorded mixed movements. Nepal and Optima reduced their PMS prices from N1,275 to N1,267 per litre, while Matrix quoted N1,285 per litre.
The latest depot movements come amid heightened volatility in global crude oil markets, with international oil prices recently climbing above $100 per barrel.
Higher crude prices typically exert upward pressure on domestic petroleum product prices, although local pump prices also depend on refining costs, exchange rates, logistics, product availability and competition among suppliers.
The widening price differences between depots could therefore translate into varying retail prices across different parts of the country as marketers adjust their procurement costs.
