A fuel station in Onitsha, Anambra State. Motorists in the South-East report paying N1,400 to N1,500 per litre (Wikimedia Commons, CC BY-SA 4.0)
Petrol depot prices across Nigeria climbed to as high as N1,360 per litre on Tuesday, October 20, 2026, with the Dangote Petroleum Refinery raising its own rate to N1,344 per litre, up from N1,320, according to depot price data published by Legit.ng. Other depots quoted prices ranging from N1,346 to N1,360 per litre.
The increase came as rising global crude oil prices raised concerns about the cost of fuel supply, Legit.ng reported. In the supplied premium motor spirit price list, Pinnacle was among the depots that matched the Dangote Refinery's rate at N1,344 per litre, the lowest price on the list.
The movement at the depots matters because depot prices feed directly into what filling stations charge. When marketers buy a litre at N1,360 and add logistics margins, the pump price a motorist sees can only rise, and that is already visible in parts of the country.
In the South-East, the gap between official promises and street prices is stark. Reporting by Parrot Nigeria on Wednesday found that although the Federal Government had announced a fuel discount initiative of N1,350 per litre, motorists in several South-East states have found it a mirage, with many paying between N1,400 and N1,500 per litre at some Nigerian National Petroleum Company Limited stations.
Drivers in the zone say transport fares have also risen, twenty days after President Bola Tinubu announced a promised reduction in transport fares. One mini-bus driver, Chikezie Okezie, asked the question many commuters are asking: "Are we going back or forward? Nigeria as an oil producing country should not be facing such a predicament."
Behind the price movement sits a supply argument that is still unsettled. Presidential aide Sunday Dare said advance sales of part of Nigeria's oil production were responsible for the Dangote Refinery's persistent crude shortage, Naija News reported on Tuesday, explaining why the world's largest single-train refinery has struggled to get enough crude under the naira-for-crude programme.
The Dangote Refinery began pricing some locally sold petroleum products in dollars in July, citing inadequate crude supplies under the naira-for-crude initiative introduced in 2024. The policy was meant to let domestic refineries buy crude in naira and sell products in naira, easing pressure on the foreign exchange market and cutting the cost of imported fuel.
For households, the practical takeaway is that no relief is visible yet. The Federal Government's proposed fixed price of N1,350 per litre has yet to take effect at the pumps, depot rates are moving upward, and the cheapest available supply in any state increasingly depends on which depot is closest.
Until the discount initiative reaches filling stations in a form motorists can actually buy, the gap between the board price and the street price will keep driving the anger that voices like Okezie's capture. The next movement in global crude, and the next depot list, will decide whether relief comes this month or is pushed further away.
What is the current petrol price at Nigerian depots?
Depot price data published on Tuesday, October 20, 2026, showed the Dangote Petroleum Refinery selling petrol at N1,344 per litre, up from N1,320, while other depots quoted between N1,346 and N1,360 per litre, according to Legit.ng. Pinnacle matched Dangote's N1,344, the lowest rate on the list.
Why are South-East motorists paying more than the official price?
Although the Federal Government announced a fuel discount initiative of N1,350 per litre, reporting by Parrot Nigeria found many South-East motorists paying between N1,400 and N1,500 per litre at some NNPC stations, meaning the discount has not reached those pumps in practice.
Why does the Dangote Refinery keep raising prices?
The refinery has repeatedly complained that the quantity of crude supplied under the naira-for-crude programme falls short of its needs. Presidential aide Sunday Dare told Naija News that advance sales of part of Nigeria's oil production were responsible for the shortage, and the refinery began pricing some products in dollars in July as a result.
Frequently Asked Questions
Has the N1,350 government petrol price taken effect?
No. Market reporting on October 20 and 21, 2026, showed the proposed fixed price yet to take effect, with depot prices at or above N1,344 and street prices in the South-East as high as N1,500 per litre.
What is the naira-for-crude policy?
A 2024 arrangement allowing domestic refineries to buy crude oil in naira and supply petroleum products to the local market in the same currency, intended to ease foreign exchange pressure and reduce import costs.
Sources: Legit.ng (Oct 21, 2026); Parrot Nigeria (Oct 21, 2026); Naija News (Oct 20, 2026).
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