Nigerian Oil Marketers Cut Petrol Prices Amid Global Crude Drop

Oil marketers in Nigeria have started reducing the price of Premium Motor Spirit (PMS), also known as petrol, following a drop in depot rates. MRS oil marketer reduced its pump price in Lagos to N1,350 per litre from N1,370, a decrease of N20 per litre.

The reduction comes at a time when international crude oil prices have fallen sharply, with Brent crude declining by 2.14% to $104.30 per barrel and West Texas Intermediate (WTI) dropping by 1.89% to $92.82 per barrel.

According to the Daily Depot Price Intelligence Report for Friday, September 25, 2026, depot prices have softened with PMS falling to as low as N1,303 per litre in Port Harcourt. This is a significant drop from previous prices and reflects the downward movement in the domestic market.