Dangote Petroleum Refinery has reduced the ex-depot price of Premium Motor Spirit (PMS), also known as petrol, by N1 per litre, while diesel prices have increased at many petroleum depots across Lagos, showing different price movements in the downstream oil market.
The latest adjustment was recorded on Wednesday, July 8, 2026, as marketers continued to respond to changes in supply, competition and global crude oil prices.
Market figures showed that Dangote Refinery lowered its petrol loading price from N1,076 per litre to N1,075 per litre. MRS Oil Nigeria also reduced its depot price by N2 per litre, bringing it down to N1,074 per litre, making it one of the cheapest suppliers in the Lagos market.
Despite the reductions by Dangote and MRS, several other major marketers, including NIPCO, Sahara Energy, Aiteo and African Terminal, kept their petrol prices unchanged.
As a result, petrol depot prices in Lagos remained within the range of N1,074 to N1,075 per litre.
While petrol prices stayed mostly stable, diesel recorded price increases across many Lagos depots. African Terminal raised its diesel price from N1,410 to N1,450 per litre. Duport, Ibachem, Ibeto and T-Time also increased their diesel prices by N40 per litre to N1,450.
The local market changes came as crude oil prices jumped in the international market. Brent crude rose by $5.43, or 7.32 per cent, to $79.59 per barrel, while West Texas Intermediate (WTI) increased by $4.78, or 6.79 per cent, to $75.22 per barrel.
The rise has raised concerns that petroleum product prices may increase again if crude oil continues to climb.
In Port Harcourt, diesel prices moved in the opposite direction. Matrix Depot reduced its Automotive Gas Oil (AGO) price by N50 per litre, bringing it down from N1,550 to N1,500. Sigmund also lowered its diesel price slightly from N1,463 to N1,460 per litre.
Petrol prices in Port Harcourt remained unchanged, with Matrix keeping its PMS depot price at N1,100 per litre.
Warri also recorded small changes in petrol prices as competition among marketers continued. Nepal and Optima both reduced their prices by N2 per litre to N1,083, while Parker lowered its price by N1 to N1,084 per litre.
Other marketers in the city, including Matrix, Rain Oil, Prudent and A.Y.M Shafa, maintained their petrol prices at N1,085 per litre.
Diesel prices in Warri, however, moved higher. Prudent increased its price by N70 per litre, from N1,480 to N1,550, while A.Y.M Shafa left its diesel price unchanged at N1,435 per litre.
In Calabar, Soroman kept its petrol price at N1,100 per litre. Fynfield, on the other hand, raised its diesel price from N1,450 to N1,480 per litre, adding N30 to the previous rate.
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