Oil Marketers Reduce Petrol Price to N1,350/Litre as Depot Prices Fall

Oil marketers have started reducing the pump price of Premium Motor Spirit (PMS), commonly known as petrol, following a decline in depot prices and international crude oil prices.

MRS has reduced its petrol price in Lagos and surrounding areas by N20 per litre, from N1,370 to N1,350. Some independent marketers have also cut their prices to around N1,360 per litre from above N1,380.

The reduction comes as petrol depot prices continue to decline, with prices falling as low as N1,303 per litre in Port Harcourt, according to the latest Daily Depot Price Intelligence Report for September 25, 2026.

International crude oil prices also recorded a decline. Brent crude fell by $2.28, or 2.14 per cent, to $104.30 per barrel, while West Texas Intermediate (WTI) dropped by $1.79, or 1.89 per cent, to $92.82 per barrel.

In the depot market, PMS was sold at N1,303 per litre by several depots in Port Harcourt, while monitored Lagos depots recorded prices of about N1,325 per litre.

Average petrol prices stood at N1,326 per litre in Lagos, N1,318 in Calabar, N1,315 in Warri and N1,303 in Port Harcourt.

At N1,350 per litre, MRS's new Lagos pump price is N25 higher than the average depot price of N1,325 recorded in the city.

The report also showed regional variations in diesel prices, which ranged from N1,790 per litre in Lagos to about N1,900 in Port Harcourt.

Meanwhile, the average price of Liquefied Petroleum Gas (LPG) was put at N1,125 per kilogramme in Port Harcourt and N1,020 in Warri.

The latest figures indicate that falling wholesale petrol prices are beginning to translate into lower pump prices in some parts of Nigeria.

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