Oil marketers in Nigeria have lowered the retail price of Premium Motor Spirit (PMS) to N1,350 per litre in Lagos and surrounding areas, a move that follows a sharp decline in depot rates and international crude prices.
MRS, one of the country’s largest fuel distributors, cut its Lagos pump price by N20, bringing it down from N1,370 to N1,350. Independent marketers such as A.A Rano, AIPEC, Bovas, Dangote, Emadeb, Sahara and Wosbab also reduced their retail rates, with some selling at N1,360 from over N1,380 per litre.
Depot data released by the Daily Depot Price Intelligence Report for Friday, 25 September 2026 shows the lowest PMS price at N1,303 per litre in Port Harcourt, where Bulk Strategic, Masters, Sigmund and T.S.L depots are selling the fuel. In Lagos, the same depots are listed at N1,325 per litre, while averages across the country sit at N1,326 in Lagos, N1,318 in Calabar, N1,315 in Warri and N1,303 in Port Harcourt.
The price fall mirrors a global downturn in crude oil markets. Brent crude slipped 2.14 % to $104.30 a barrel, and West Texas Intermediate dropped 1.89 % to $92.82. Refined products also fell, with gasoline down 4.31 % to $3.411 and natural gas 3.46 % to $3.183 per barrel.
Diesel and LPG prices show regional variation. Automotive Gas Oil ranged from N1,790 per litre in Lagos to N1,900 in Port Harcourt, with the lowest prices recorded at N1,790 by Duport, Ibachem, Integrated and MENJ depots in Lagos. Bulk Strategic in Port Harcourt listed diesel at N1,890. LPG averaged N1,125 per kilogram in Port Harcourt and N1,020 in Warri.
With the gap between MRS’s Lagos retail price and the lowest depot price in Port Harcourt narrowing to N47 per litre, the downward trend in wholesale fuel prices is beginning to translate into lower pump costs for consumers in several parts of the country.
<small>Source: Vanguard News — read the original story there.</small>
