Petrol depot prices are falling across Nigeria, with the Dangote Refinery now selling at the lowest rate among major depots in Lagos.

The new prices

According to depot price data for Thursday, 29 October 2026, Dangote reduced its petrol price from ₦1,308 to ₦1,290 per litre, a cut of ₦18. Other Lagos depots followed with smaller reductions: Pinnacle and Rainoil now sell at about ₦1,300, African Terminal at about ₦1,307, and MRS and NIPCO at about ₦1,310. In Port Harcourt, several depots cut their prices to about ₦1,325, while depots in Calabar sell at between ₦1,330 and ₦1,335.

Diesel prices

The petrol cut came shortly after Dangote raised its diesel gantry price to ₦1,840 per litre. Some Lagos depots have since undercut that price, selling diesel at about ₦1,825.

What it means for motorists

Depot prices are what marketers pay before transporting fuel to filling stations, so the cuts could lead to slightly lower pump prices in the coming days if retailers pass on the savings. However, pump prices also depend on transport costs and each marketer's margins, so the effect may vary from place to place.

Background

Since petrol subsidies were removed in 2023, prices have been set by the market and change often in response to crude oil prices and the exchange rate. The Dangote Refinery, which began selling petrol in 2024, has become a major influence on local prices. Cooking gas and diesel prices have also been rising, putting pressure on households and businesses.

Nigeria's two main labour centres are at odds over the Federal Government's ₦70,000 transport allowance for workers, exposing divisions within organised labour.

What happened

In comments reported on Friday, 30 October 2026, Nigeria Labour Congress (NLC) president Joe Ajaero is said to have rebuked the Trade Union Congress (TUC) for rejecting the allowance. He reportedly argued that the TUC did not sign the agreement and should not oppose something it did not negotiate. Ajaero described the allowance, which the NLC says will last six months, as an important step to help workers cope with higher petrol prices and living costs, and said it could serve as a reference for future negotiations.

The TUC's position

The TUC has rejected the allowance and is reportedly demanding a ₦300,000 national minimum wage instead.

A temporary fix

Ajaero stressed that the allowance is not a permanent solution and warned that the six months must not run out before a new minimum wage framework is agreed. He said future wage talks should take account of transport, food, housing and other basic costs. Earlier this week he said a ₦1 million minimum wage would collapse the economy.

Opposition reaction

ADC presidential candidate Atiku Abubakar has rejected the allowance as far too small, with his campaign questioning what a month's worth of support could buy in fuel. His campaign also said private sector workers, traders and informal workers are left out.

What happens next

Talks on a new minimum wage are expected to continue, and the split between the NLC and TUC could affect labour's bargaining power.

Nigeria's national oil company, NNPC Limited, says it is ready to restart oil exploration in Borno State, more than two years after work stopped.

What happened

An NNPC delegation led by its chairman, Ahmadu Musa Kida, and Group Chief Executive Officer Bashir Ojulari met Governor Babagana Zulum at Government House in Maiduguri on Wednesday, according to reports published on Friday, 30 October 2026. The company said it was prepared to resume exploration in an oil basin covering seven local government areas of the state and to work with the state government and local communities. No date for the restart was given. The two sides also discussed a planned solar power project.

Zulum's conditions

Zulum reportedly pledged full support for the operations and rejected the idea that insecurity caused the suspension, saying soldiers, police and members of the Civilian Joint Task Force were already guarding the sites and equipment. Before work fully resumes, he asked NNPC to honour an earlier promise to supply gas to the state, saying its withdrawal was a key reason for the stoppage, and to upgrade equipment that has been lying idle for more than two years. He also backed more solar plants to protect residents from rising fuel costs.

Background

The search for oil in the North East has long been part of government efforts to diversify Nigeria's oil production away from the Niger Delta. Exploration in Borno was disrupted for years by the Boko Haram insurgency, and oil workers were attacked in the area in 2017.

What happens next

NNPC is expected to work out a timetable with the state government once the conditions are discussed further.

The Nigerian stock market closed at a new all-time high on Thursday, 29 October 2026, as gains in Dangote Cement and other large companies pushed investors' wealth higher.

The numbers

The Nigerian Exchange (NGX) All-Share Index rose by 0.47 per cent to close at 254,083.02 points, according to reports. The total value of listed shares climbed to about ₦164.97 trillion, up from ₦164.19 trillion the day before, a gain of about ₦779 billion. That beat the previous record of about ₦164.91 trillion set on 27 October.

Who led the rally

Dangote Cement, one of the largest companies on the exchange, gained 5.82 per cent to close at ₦1,420 per share, and helped lift the industrial goods index by more than 3 per cent. Among smaller stocks, payment company eTranzact rose by 10 per cent, while Sovereign Trust Insurance, FTG Insurance, McNichols and Zichis Agro-Allied Industries also posted strong gains.

Background

Nigerian stocks have performed strongly this year as investors respond to falling inflation, a more stable naira and strong company earnings. Inflation fell to 14.63 per cent in September, according to official figures cited by the government, and external reserves have risen to about $55 billion.

What it means

For ordinary investors, the record high means the value of many shareholdings has risen sharply, although analysts often warn that markets can fall quickly after strong rallies.