Oil marketers have begun reducing the pump price of Premium Motor Spirit (PMS), commonly known as petrol, following a decline in depot prices across major markets in the country.

MRS Oil Nigeria 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 retail prices to about N1,360 per litre, from levels above N1,380.

The price reductions followed a sustained softening of petrol depot prices, with the latest Daily Depot Price Intelligence Report showing PMS selling for as low as N1,303 per litre in Port Harcourt as of Friday, September 25, 2026.

The downward movement in the domestic petroleum market also 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, while West Texas Intermediate dropped by $1.79, or 1.89 per cent, to $92.82 per barrel.

Refined petroleum products also recorded declines, with gasoline falling by 4.31 per cent to $3.411, while natural gas dropped by 3.46 per cent to $3.183.

According to the depot report, Bulk Strategic, Masters, Sigmund and T.S.L depots in Port Harcourt sold PMS at N1,303 per litre, the lowest price recorded among the markets monitored.

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

The average petrol depot prices stood at N1,326 per litre in Lagos, N1,318 in Calabar, N1,315 in Warri and N1,303 in Port Harcourt.

At its new retail price of N1,350 per litre, MRS is selling petrol N25 above the N1,325 per litre depot price recorded among monitored Lagos suppliers. The difference between the MRS Lagos pump price and the lowest depot price in Port Harcourt is N47 per litre.

The latest development suggests that the decline in wholesale petrol prices is beginning to filter through to consumers, although retail prices continue to vary across locations and marketers.

Meanwhile, the depot report showed that diesel prices remained considerably higher, ranging from N1,790 per litre in Lagos to N1,900 in Port Harcourt. Duport, Ibachem, Integrated and MENJ depots in Lagos recorded the lowest diesel price of N1,790 per litre, while Bulk Strategic in Port Harcourt was listed at N1,890.

The average diesel price was N1,895 per litre in Port Harcourt, N1,888 in Warri and N1,823 in Calabar.

For cooking gas, the average Liquefied Petroleum Gas price stood at N1,125 per kilogramme in Port Harcourt and N1,020 in Warri, according to the latest depot figures.