Petrol prices in Nigeria remain under pressure despite the Federal Government’s announcement of a 30-day discount on fuel sold by the Nigerian National Petroleum Company Limited (NNPC), raising concerns over the impact of global oil market developments on domestic consumers.The Federal Government announced the temporary price relief on October 8, 2026, as part of efforts to cushion Nigerians against rising fuel costs linked to tensions in the Middle East. NNPC subsequently confirmed that its ₦66-per-litre discount would continue until October 31 across its retail stations nationwide.
However, the intervention has not translated into a uniform reduction in petrol prices across the country, as the discount applies specifically to NNPC retail outlets and does not establish a fixed national pump price.In Abuja, checks at the NNPC mega station along Obasanjo Way on Friday, October 9, showed petrol selling at ₦1,405 per litre for customers paying directly at the pump, while customers using the company’s mobile application paid the discounted rate of ₦1,339 per litre.
The arrangement means motorists who do not use the designated digital payment platform may not automatically benefit from the price reduction, despite purchasing fuel at an NNPC station. Meanwhile, NIPCO led the increases in Port Harcourt, raising its Premium Motor Spirit, PMS, price by N170 per litre to N1,900 from N1,730. Also, African Terminal, Ascon, Eterna, Gulf Treasure, Ibachem and Ibeto raised their petrol prices in Port Harcourt to N1,900 per litre from N1,750 each.In Lagos, Masters raised its petrol price to N1,350 per litre from N1,303, while Matrix increased its price to N1,360 from N1,330.Diesel price Surge
The diesel market also recorded significant increases in Warri, where Rain Oil and Matrix raised their Automotive Gas Oil, AGO, prices by N180 per litre to N1,900 from N1,720 each.In Port Harcourt, Dangote increased its diesel price to N1,720 per litre from N1,702, whileMasters raised its price to N1,825 from N1,788.Speaking on the situation, the Chief Executive Officer of Petroleumprice.ng, Olatide Jeremiah, said: “Despite domestic issues and development in Nigeria, the downstream sector would continue to respond or react to developments at the global oil market.”
His observation underscores the influence of international oil market movements on Nigeria’s downstream petroleum sector, even as the country increases domestic refining capacity.
Why petrol prices are risingOne of the major drivers is the increase in global crude oil prices associated with geopolitical tensions in the Middle East, particularly the conflict involving the United States and Iran. These developments can increase crude acquisition costs, shipping expenses and uncertainty across international petroleum supply chainsWith petrol reaching N1,900 per litre at several Port Harcourt depots and diesel hitting the same level in Warri, the latest price movements underscore the pressures facing Nigeria’s downstream market and the continuing differences between wholesale and retail prices.
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