The price of petrol at various private depots across Nigeria recorded marginal declines in a few markets in the week.

Data revealed that Premium Motor Spirit (PMS) in private depots in Lagos were mostly between N1,278 and N1,280/ litre.

Prices at the integrated, Ascon and Bono depot decreased from and to N1,278/litre. A.A Rano depot recorded a decrease from N1,285 to N1,280/ litre while Aiteo maintained a steady price of N1,280/litre.

Petroluemprice.ng reports that the Automotive Gas Oil (AGO), commonly known as diesel, market also witnessed a decline at most depots as sellers reduced their prices on softer demand. Rain Oil cut prices from N1,890 to N1,815/ litre. Menj recorded a drop from N1,900 to N1,815/litre, while Aipec and Integrated reduced prices from N1,890 to N1,815/ litre.

In Warri, petrol prices moved higher during the week, making the city one of the most expensive locations to buy PMS. Prices at Matrix moved from N1,285 to N1,293 per litre, Nepal from N1,280 to N1,295, while Parker moved prices upward from N1,280 to N1,292 per litre.

Warri depot, despite having the highest petrol prices in the country, had the sharpest drops in the cost of diesel nationwide.

Depots like Rain Oil announced a cut on AGO from N1,950 to N1,815 per litre- a N135 drop, while First Fortune dropped by N74 from N1,888 to N1,814 per litre. However, Dammarna and Prudent moved their prices downwards to about N1,815/ litre.

In the Port Harcourt region, PMS had marginal declines, with the master depot dropping prices by N5 from N1,305 to N1,300 per litre while Liquid Bulk and TSL maintained a constant price at N1,300 per litre.

Diesel prices also dropped to N1,865 per litre in the Port Harcourt depot. Matrix and Sigmund had prices of N1,910 to N1,865 per litre. In Calabar, petrol price at Sobaz depot moved from N1,287 to N1,295/ litre, while Fynefield recorded an increase of N4 per litre from N1,290 to N1,294 per litre during the week.

Nigeria’s inflation rises to 15.69% in April 2026

Nigeria’s inflation rate increased marginally in April 2026, rising to 15.69 per cent from 15.38 per cent recorded in March, according to the latest Consumer Price Index, CPI, report released by the National Bureau of Statistics, NBS, on Friday.

The data showed a 0.31 percentage point year-on-year increase, indicating that the general price level of goods and services remained higher compared to the previous month.

However, the report also pointed to a slowdown in price increases on a month-on-month basis, suggesting a gradual easing in the pace of inflationary pressure.

According to the NBS, month-on-month headline inflation stood at 2.13 per cent in April 2026, down significantly from 4.18 per cent recorded in March.

“This means that in April 2026, the rate of increase in the average price level was lower than the rate of increase in the average price level in March 2026,” the bureau explained.

The statistics agency noted that although inflation remains elevated, the latest figures reflect a moderation in the speed of price increases across the economy.

On a 12-month average basis, the headline inflation rate for the period ending April 2026 was 19.16 per cent, slightly lower than the 19.33 per cent recorded in the corresponding period of 2025.

A breakdown of the report showed mixed inflation trends between urban and rural areas.

Urban inflation stood at 15.40 per cent year-on-year in April 2026, while month-on-month urban inflation eased to 1.86 per cent from 3.16 per cent in March.

The 12-month average urban inflation rate was 19.07 per cent, compared to 20.76 per cent recorded in April 2025.

In rural areas, inflation was higher at 16.36 per cent year-on-year, reflecting continued cost pressures outside major cities.

However, rural month-on-month inflation dropped sharply to 2.80 per cent in April, down from 6.73 per cent in March.

The 12-month average rural inflation rate stood at 18.99 per cent, higher than the 17.63 per cent recorded in the same period last year.

Dangote Refinery recently promised to reduce the frequency of its petrol price adjustments, especially hikes, to give Nigerians a breather amid the harsh economic reality, as reported by Legit.

However, fresh data has revealed that the Dangote Refinery adjusted the price of Premium Motor Spirit (PMS), popularly known as petrol, at least nine times in early 2026, highlighting the volatility in Nigeria’s downstream oil market.

The refinery, which remains Africa’s largest single-train refinery, reportedly implemented six upward reviews and three downward adjustments within the first quarter of the year, as global crude oil prices, exchange rate pressures, and depot competition continued to shape local fuel pricing.

One of the most significant reductions came in March 2026, when the refinery slashed petrol prices by ₦100 per litre, bringing the ex-depot rate down from ₦1,175 to ₦1,075 per litre. Industry watchers say the cumulative reductions recorded so far in 2026 amount to nearly ₦200 per litre, offering some relief to marketers and eventually consumers facing persistent fuel price pressure.

March price cut became a major turning point

On March 10, 2026, Dangote Refinery announced one of its biggest price cuts of the year after global crude oil prices softened in the international market. The refinery reduced its PMS loading price from ₦1,175 per litre to ₦1,075 per litre, representing a ₦100 drop.

Reports linked the move to declining crude prices and efforts to remain competitive against rising depot prices across Nigeria. The adjustment came after weeks of sharp increases driven by Brent crude trading above $100 per barrel, which had forced many depot owners and independent marketers to review their prices upward.

Market analysts described the March reduction as a strategic move aimed at stabilising retail prices and easing supply pressure across filling stations.

Six increases, three reductions in just months

According to the market tracking platform PetroleumPriceNG, Dangote Refinery’s pricing pattern in 2026 has been highly dynamic.

Within just the first quarter, the refinery reportedly carried out six price hikes and three cuts, reflecting how quickly market realities changed.

Some of the earlier increases were tied to:

• rising international crude oil prices
• foreign exchange instability
• logistics and distribution costs
• strong domestic demand for refined petroleum products.

Meanwhile, the downward adjustments were largely triggered by:

• softer global crude prices
• pressure from competing depots
• efforts to moderate retail pump prices
• market expectations for price stability

A smaller reduction was also reported in February before the more dramatic March cut, while later adjustments were introduced to prevent excessive depot pricing across major supply hubs.

Nigerians are still watching pump prices closely

Although ex-depot reductions do not always translate immediately to lower pump prices at filling stations, consumers across Nigeria continue to monitor Dangote Refinery’s pricing decisions closely because of its growing influence in the fuel supply chain.

With marketers relying heavily on Dangote’s supply volumes, each adjustment at the refinery level often triggers reactions across independent depots, retail stations, and transport costs nationwide.

Experts say if global oil prices remain moderate and exchange rate pressures ease, Nigerians could see more stability in PMS prices in the coming months.

However, any renewed surge in crude oil prices or forex volatility could quickly reverse the gains.

Refinery’s growing influence on fuel pricing

Since ramping up operations, Dangote Refinery has increasingly become a major price setter in Nigeria’s petroleum market.

Its decisions now shape pricing conversations among depot owners, marketers, and regulators alike. For many Nigerians, the refinery represents both hope for long-term price stability and a daily reminder of how global oil market movements directly affect transport fares, food prices, and the overall cost of living.