MRS has reduced its petrol price in Lagos and surrounding areas by ₦20 per litre, bringing the price down from ₦1,370 to ₦1,350 per litre.
Checks also showed that some independent oil marketers reduced their pump prices to about ₦1,360 per litre, from prices above ₦1,380.
The development comes as the wholesale price of petrol continues to decline, with depot prices falling to as low as ₦1,303 per litre in Port Harcourt, according to the Daily Depot Price Intelligence Report for Friday, September 25, 2026.
Petrol Depot Prices Decline
The latest depot data showed that Bulk Strategic, Masters, Sigmund and T.S.L depots in Port Harcourt recorded PMS prices of ₦1,303 per litre, the lowest among the markets monitored.
In Lagos, A.A Rano, AIPEC, Bovas, Dangote, Emadeb, Sahara and Wosbab were listed at ₦1,325 per litre.
Average PMS prices were reported at ₦1,326 per litre in Lagos, ₦1,318 in Calabar, ₦1,315 in Warri and ₦1,303 in Port Harcourt.
At MRS's new retail price of ₦1,350 per litre in Lagos, the difference between the pump price and the reported Lagos depot average is about ₦24 per litre.
Crude Oil Prices Also Decline
The reduction in local petrol prices coincided with a decline in international crude oil prices.
Brent crude fell by $2.28, or 2.14 per cent, from $106.58 to $104.30 per barrel.
West Texas Intermediate (WTI) also declined by $1.79, or 1.89 per cent, from $94.61 to $92.82 per barrel.
Refined gasoline prices also recorded a decline of 4.31 per cent, while natural gas fell by 3.46 per cent, according to the market data cited in the depot report.
Diesel Prices Remain Higher
The depot report also showed significant regional differences in the price of Automotive Gas Oil (AGO), commonly known as diesel.
Diesel prices ranged from ₦1,790 per litre in Lagos to about ₦1,900 per litre in Port Harcourt.
Duport, Ibachem, Integrated and MENJ depots in Lagos recorded diesel at ₦1,790 per litre, while Bulk Strategic in Port Harcourt was listed at ₦1,890 per litre.
The regional average price of diesel stood at ₦1,895 per litre in Port Harcourt, ₦1,888 in Warri and ₦1,823 in Calabar.
Meanwhile, the average price of Liquefied Petroleum Gas (LPG) was reported at ₦1,125 per kilogramme in Port Harcourt and ₦1,020 per kilogramme in Warri.
The latest figures indicate that lower petrol depot prices are beginning to reflect in pump prices in some parts of the country, although retail prices may continue to vary depending on location, transportation costs, operating expenses and individual marketers' margins.
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