Petrol Prices Plunge in Nigeria Amid Depot Price Drops
Oil marketers in Nigeria have started reducing the pump price of Premium Motor Spirit (PMS), also known as petrol, following a decline in depot prices.
The reduction comes as depot prices continue to ease, with petrol selling for as low as N1,303 per litre in Port Harcourt, according to the latest Daily Depot Price Intelligence Report for Friday, September 25, 2026.
MRS has cut its petrol price in Lagos and surrounding areas by N20 per litre, bringing it down from N1,370 to N1,350 per litre. Some independent oil marketers have also reduced their retail prices to about N1,360 per litre from above N1,380.
The downward trend in the domestic market coincided with a significant decline in international crude oil prices. Brent crude dropped by $2.28, or 2.14 per cent, to $104.30 per barrel from $106.58, while West Texas Intermediate (WTI) fell by $1.79, or 1.89 per cent, to $92.82 from $94.61 per barrel.