Oil marketers cut petrol price to N1,350/Litre as depot rates drop

Oil marketers have begun cutting the pump price of Premium Motor Spirit (PMS), also known as petrol, with MRS reducing its price in Lagos and environs by N20 per litre to N1,350 from N1,370.

Checks by Vanguard showed that some independent oil marketers also reduced their retail prices to N1,360 from more than N1,380 per litre.

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

The downward movement in the domestic market also coincided with a sharp decline in international crude oil prices.

Brent crude fell by $2.28, or 2.14 per cent, to $104.30 per barrel from $106.58, while West Texas Intermediate (WTI) declined by $1.79, or 1.89 per cent, to $92.82 from $94.61 per barrel.

The decline extended to refined products, with gasoline falling 4.31 per cent to $3.411, while natural gas dropped 3.46 per cent to $3.183.

The latest depot data showed that Bulk Strategic, Masters, Sigmund and T.S.L depots in Port Harcourt were selling PMS at N1,303 per litre, the lowest price recorded across the markets monitored.

In Lagos, A.A Rano, AIPEC, Bovas, Dangote, Emadeb, Sahara and Wosbab depots were listed at N1,325 per litre.

Petrol prices averaged 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 above the N1,325 per litre depot price recorded by the monitored Lagos suppliers.

The gap between MRS’s Lagos retail price and the lowest depot price in Port Harcourt is N47 per litre.

However, the depot report also showed wide regional variations in Automotive Gas Oil (AGO), or diesel.

Diesel prices ranged from N1,790 per litre in Lagos to N1,900 per litre in Port Harcourt.

Also, Duport, Ibachem, Integrated and MENJ depots in Lagos recorded the lowest price of N1,790 per litre, while Bulk Strategic in Port Harcourt was listed at N1,890 per litre.

The regional average price of diesel stood at N1,895 per litre in Port Harcourt, N1,888 in Warri and N1,823 in Calabar.

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

The latest figures point to continued downward movement in the petrol wholesale market, with lower depot prices beginning to feed into pump prices in some parts of the country.