Oil marketers have begun cutting pump prices for Premium Motor Spirit, with MRS reducing its Lagos retail price to N1,350 per litre, Vanguard reported.
Vanguard said some independent marketers also lowered pump prices to N1,360 per litre from more than N1,380. The outlet, citing the latest Daily Depot Price Intelligence Report for Friday, September 25, 2026, said the cuts reflected a softening in depot prices and a fall in international crude prices.
As quoted by Vanguard, the report said depot prices fell to as low as N1,303 per litre in Port Harcourt. Vanguard said several depots in Lagos were listed at N1,325 per litre, while the monitored Lagos suppliers averaged N1,326 per litre.
Vanguard identified Bulk Strategic, Masters, Sigmund and T.S.L as among depots selling PMS at N1,303 per litre in Port Harcourt. The newspaper reported that the Lagos depots listed at N1,325 included A.A Rano, AIPEC, Bovas, Dangote, Emadeb, Sahara and Wosbab.
The outlet reported regional pump and depot averages as follows: Lagos N1,326 per litre, Calabar N1,318, Warri N1,315 and Port Harcourt N1,303. Vanguard said MRS’s new Lagos retail price of N1,350 per litre was N25 above the N1,325 per litre depot price recorded in Lagos, and N47 above the lowest depot price in Port Harcourt.
Vanguard, saying Brent crude fell by $2.28, or 2.14 per cent, to $104.30 per barrel from $106.58, also reported declines in international oil and refined product prices. Reports showed West Texas Intermediate was down $1.79, or 1.89 per cent, to $92.82 from $94.61 per barrel. The outlet added that gasoline had fallen 4.31 per cent to $3.411, while natural gas dropped 3.46 per cent to $3.183.
As cited by Vanguard, the depot data indicated wide regional variations in diesel, with prices ranging from N1,790 per litre in Lagos to N1,900 per litre in Port Harcourt. The depots Duport, Ibachem, Integrated and MENJ in Lagos were listed at N1,790 per litre; Bulk Strategic in Port Harcourt was recorded at N1,890 per litre.
According to figures reported by Vanguard, Port Harcourt’s regional diesel average was N1,895 per litre, Warri’s was N1,888 and Calabar’s N1,823. The outlet also reported the average price of liquefied petroleum gas at N1,125 per kilogramme in Port Harcourt and N1,020 in Warri.
Vanguard concluded that the continued downward movement in the wholesale petrol market was beginning to feed into pump prices in some parts of the country. For details, see the Vanguard report by Udeme Akpan and Mariam Eko, and the Daily Depot Price Intelligence Report cited there (Vanguard).
Featured image: Jeremy Weate from Abuja, Nigeria via Wikimedia Commons, CC BY 2.0.
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