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BREAKING: Relief As Fuel Prices Crash Nationwide; Depots Release New Rates
Private depot owners are lowering fuel prices despite international crude oil prices remain high, sparking renewed competition in the downstream petroleum market, according to Legit.
Brent crude and West Texas Intermediate (WTI) are trading at between $102 and $107 per barrel, placing upward pressure on refined products prices globally and influencing the movement of petrol and diesel in Nigeria despite an improved supply outlook domestically.
Despite available refining capacity locally with the Dangote Refinery’s operationality, Nigerian depot prices continue to incorporate a mix of global crude oil trends and domestic supply conditions.
The prices of petroleum products such as premium motor spirit (PMS), also known as petrol, and automotive gas oil (AGO), also called diesel, have been witnessing fluctuations across depots with a sharp decline in several key locations.
Diesel prices drop sharply across depots
Data obtained from depotdata from depots across Nigeria as of May 12, 2026, a noticeable drop in AGO prices is observed across depots in Lagos, Warri, and Port Harcourt.
In Lagos, both Rain Oil Limited and AA Rano saw diesel prices drop by 50 per litre, or 2.65%, to N1,840 from N1,890 on May 11, demonstrating widespread downward movement in the area.
Similar downward trends were seen in Warri where First Fortune recorded a 33 reduction to N1,855 from N1,888 per litre on May 11. Danmarna’s AGO price reduced from N1,890 to N1,855 on the same date, translating to a 35 loss per litre.
The drop in prices was more subtle in Port Harcourt, where Bulk Strategic dropped prices by 10 to N1,895 from N1,905 per litre and Sigmund saw AGO prices dip from N1,910 to N1,890 per litre.
This indicates that current fuel price movements are determined by readily available diesel supply and competitive depot pricing policies, not global crude oil trends.
Petrol prices ease across key depots
The price of petrol (PMS) also saw downward price adjustments in depots across the nation.
Petrol price changes
- Dangote refinery drops PMS price from N1,283 to N1,281.
- Nipco Plc drops PMS price from N1,285 to N1,280 in Apapa.
- Matrix Energy drops PMS price from N1,225 to N1,223 in Port Harcourt and from N1,285 to N1,280 in Warri.
- SIGMUND drops PMS price from N1,234 to N1,225.
- Pinnacle oil and Gas drops PMS price from N1,316 to N1,280.
- Masters energy drops PMS price from N1,320 to N1,305.
- Rain oil Limited drops PMS price from N1,300 to N1,290.
- Sahara drops PMS price from N1,295 to N1,294.
- Bulk Strategic terminal drops PMS price from N1,324 to N1,315.
- SOROMAN drops PMS price from N1,325 to N1,300.
This price drop has occurred despite strong performance in global crude oil benchmarks, with Brent and WTI exceeding $100 per barrel owing to global supply concerns.
The Federal Government and the leadership of the Nigeria Labour Congress (NLC) have reached far-reaching resolutions at the conciliation meetings convened by the Federal Ministry of Labour and Employment.
The meetings, held on 22nd and 27th October, 2026 at the Federal Ministry of Labour and Employment, Abuja, were sequel to the communique issued at the end of the Joint meeting of the Central Working Committee (CWC) and National Executive Council (NEC) of the NLC.
The meeting was chaired by the Honourable Minister of Labour and Employment, Dr. Muhammad Maigari Dingyadi, CON, with representatives of the Federal Government in attendance, while the NLC delegation was led by its President, Comrade Joe Ajaero.
After extensive deliberations on the issues raised, the meeting resolved as follows:
1. National Minimum Wage: It was agreed that the Minimum Wage Negotiation Committee would be constituted and commence meeting immediately. However, there is a disagreement on the effective date of implementation.
2. Reduction in Petroleum Pump Price and Palliatives:
i. Federal Government will pay a transport intervention of Seventy Thousand Naira (N70,000) across all levels for a period of six (6) months, commencing from November 2026.
ii. Peculiar Allowance has been approved by the Federal Government with effect from 1st May, 2026. Payment of arrears will commence in November 2026 in three equal monthly instalments.
iii. Nineteen (19) months arrears of allowances for health workers will be redeemed within three (3) months with effect from December 2026.
3. Tax Relief for Workers: As tax is a statutory matter, the issue of tax relief for workers will be taken to the National Executive Council (NEC).
4. Hazard Allowance for Agricultural Workers: The Federal Ministry of Agriculture and Food Security has submitted the list of beneficiaries and cost implications to the National Salaries, Incomes and Wages Commission (NSIWC) for verification. Verification is expected to be completed within two weeks, after which the template for implementation will be issued by NSIWC.
5. CONHESS Adjustment: The NSIWC promised to complete the update of the cost implication within three (3) weeks to enable the Presidential Committee on Salaries to take a decision on the CONHESS adjustment.
The meeting also urged State and Local Governments to key into the intervention process, while unions were enjoined to push for its implementation at their respective levels.
Both parties agreed to reconvene after one month to appraise the level of implementation of the resolutions.
The meeting had in attendance the DG Budget, Mr. Tanimu Yakubu; Permanent Secretary, Service Welfare Office, OHCSF, Dr. Garba Abdul S.U.; Honourable Minister of Labour and Employment, Dr. Muhammad Maigari Dingyadi, CON; NLC President, Comrade Joe Ajaero; and National Secretary, JNPSNC, Comrade Olowoyo Gbenga.
The National Assembly received a comprehensive list of proposed new local government areas (LGAs) across several states in Nigeria as of January, 2026.
The submission was reported to have included requests from multiple states, reflecting demands for administrative expansion and closer governance.
Nigerian federal workers are awaiting their salary payments following a social media post claiming that state government workers have received their salaries, with federal workers expected to be paid from Monday.
The update was shared by Naija Updates in the IPPIS Salary Discussion Group on Facebook, where the post announced that state workers had been paid and urged federal workers to anticipate their own payments.
The post generated engagement among Facebook users, attracting reactions and comments from members of the group interested in salary updates and workers’ welfare.
However, the claim that state workers have been paid and that federal salary payments will begin on Monday has not been independently confirmed. The post did not identify the specific states whose workers had received their salaries or provide an official statement from the Federal Government.
Federal workers are therefore advised to rely on official communications from their respective ministries, departments and agencies, as well as relevant government payroll authorities, for accurate information regarding salary disbursements.
The development comes amid continued public interest in salary payment schedules and the welfare of Nigerian workers.
MinimumWage: FG, NLC Reach Agreement At Conciliation Meeting, Details Emerge
Full List Of Proposed New Local Government Areas Submitted To National Assembly In 2026
