Domestic petroleum product prices are set to undergo further upward pressure as wholesale petrol (Premium Motor Spirit) depot rates surged on Friday, October 9, 2026, across primary supply hubs in Lagos, Port Harcourt, Warri, and Calabar.
The price hikes saw wholesale rates in Port Harcourt, Rivers State, spike to as high as ₦1,900 per litre. The sharp increase creates a stark divergence between wholesale costs and retail pump prices at major filling stations in Lagos.
The steepest adjustments were recorded in Port Harcourt, where NIPCO Depot led the surge by raising its petrol ex-depot price by ₦170, moving from ₦1,730 to ₦1,900 per litre. Six additional major private depots in the city, African Terminal, Ascon, Eterna, Gulf Treasure, Ibachem, and Ibeto, followed suit, increasing their prices by ₦150 per litre to land at the ₦1,900 threshold. Meanwhile, Duport and Integrated Depots adjusted their wholesale rates upward by ₦56, moving from ₦1,750 to ₦1,806 per litre.
In other key coastal supply centers, price adjustments were similarly recorded. Masters Depot raised its price to ₦1,350 per litre (up from ₦1,303), while Matrix Depot increased its rate to ₦1,360 per litre (from ₦1,330). Sigmund Depot, T.S.L. Depot, and NIPCO Lagos adjusted their rates to ₦1,350 per litre.
Warri Hub, Keonamex, Matrix, Nepal, and Parker Depots increased prices to ₦1,360 per litre (from ₦1,315), while Optima Depot shifted to ₦1,360 per litre from ₦1,330.
Calabar Hub, Matrix Depot raised its ex-depot price by ₦55 per litre, moving from ₦1,315 to ₦1,370 per litre.
Despite the sharp rise at wholesale depots, pump prices in Lagos remained relatively insulated on Friday, driven by retail intervention strategies. NNPC Retail stations across Lagos sold PMS at ₦1,360 per litre, while major marketer MRS retailed at ₦1,338 per litre. Independent retail outlets in Lagos offered petrol between ₦1,368 and ₦1,400 per litre.
In the automotive gas oil (diesel) market, prices also faced intense upward movement. At the Warri supply hub, both Rain Oil and Matrix Depots pushed diesel rates up by ₦180, reaching ₦1,900 per litre on Friday.
The wholesale price spikes coincided with a rally in international energy markets. Global benchmark Brent Crude rose to $104.50 per barrel, up from $104.28, while the US benchmark West Texas Intermediate (WTI) climbed to $91.73 per barrel from $91.49.
Downstream sector analysts note that the rising depot prices reflect the ongoing exposure of domestic fuel supply to international crude volatility and landing cost pressures.
Independent marketers warned that if wholesale depot rates remain at current levels, filling stations relying on private depot supplies will be forced to adjust retail pump prices upward across the country in the coming week.
