Nigeria's Oil Marketers Slash Petrol Price Amid Crude Oil Downturn

Oil marketers have started cutting down the pump price of Premium Motor Spirit (PMS), with MRS lowering its Lagos retail price by ₦20 to ₦1,350 per litre. This adjustment comes after a decrease in depot rates, where PMS is now selling as low as ₦1,303 per litre in Port Harcourt, according to the latest Daily Depot Price Intelligence Report.

The price cuts follow a global decline in crude oil prices, with Brent crude falling by $2.28 to $104.30 per barrel and WTI dropping by $1.79 to $92.82. Refined products also dipped, with gasoline down 4.31% and natural gas down 3.46%. However, retail prices remain above depot levels.

Despite the downward trend, diesel prices show wide regional variation, ranging from ₦1,790 per litre in Lagos to ₦1,900 in Port Harcourt, while Liquefied Petroleum Gas (LPG) averaged ₦1,125/kg in Port Harcourt and ₦1,020/kg in Warri.

The figures indicate that falling depot prices are beginning to trickle into retail markets, offering some relief to consumers amid high energy costs.