Oil marketers cut petrol price to N1,350/litre as depot rates drop

By Udeme Akpan & Mariam Eko
Oil marketers have begun cutting the pump price of Premium Motor Spirit (PMS), also known as petrol, with MRS reducing its price in Lagos and environs by N20 per litre to N1,350 from N1,370.
Checks by Vanguard showed that some independent oil marketers also reduced their retail prices to N1,360 from more than N1,380 per litre.
The reduction comes as depot prices continue to soften, with PMS falling to as low as N1,303 per litre in Port Harcourt, according to the latest Daily Depot Price Intelligence Report for Friday, September 25, 2026.
The downward movement in the domestic market also coincided with a sharp decline in international crude oil prices.
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