Petrol Prices Drop Across Nigeria Amid Falling Crude Costs

Oil marketers in Nigeria have started reducing petrol prices as the cost of Premium Motor Spirit (PMS) at depots continues to fall across major markets. MRS, an oil marketing company, has cut its petrol price in Lagos and surrounding areas by N20 per litre, from N1,370 to N1,350.

Some independent marketers have also reduced their pump prices to about N1,360 per litre. The development comes as depot prices continue to decline, with PMS selling for as low as N1,303 per litre in Port Harcourt.

The downward movement in the domestic market coincided with a 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.