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(https://www.nigerianeye.com/) Home (https://www.nigerianeye.com/search/label/Latest%20News%20in%20Nigeria) Latest News in Nigeria Oil Marketers Slash Petrol Price to ₦1,350/Litre as Depot Rates Fall Oil Marketers Slash Petrol Price to ₦1,350/Litre as Depot Rates Fall DERA - Sunday, September 27, 2026 (https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEglU7ltmiMdp7oiSS2iSzZYiTFlNYJ4955ergMeDU0BaGxnyeWxtor7y3-WyZdwQJPL8WrA-_Gl5nXTCI5paLtityTilN59Ux6B2S7InqkwKWQr-pCZmPkaGztsSsMdXGdHcFqu9S1X3PEHIEMatfxXml0gaKh8H8mJd6jtgVLghAbH80_jNDJcbVms3k4/s700/1002304036.jpg) Oil marketers have begun reducing the pump price of Premium Motor Spirit (PMS), with MRS cutting its Lagos retail price by ₦20 to ₦1,350 per litre, down from ₦1,370. Independent marketers also adjusted their prices, selling at ₦1,360 per litre, compared to over ₦1,380 previously. The price cuts follow a drop in depot rates, with PMS selling as low as ₦1,303 per litre in Port Harcourt, according to the latest Daily Depot Price Intelligence Report. Average depot prices stood at ₦1,326 in Lagos, ₦1,318 in Calabar, ₦1,315 in Warri, and ₦1,303 in Port Harcourt. The downward trend coincided with a global decline in crude oil prices. Brent crude fell by $2.28 to $104.30 per barrel, while WTI dropped by $1.79 to $92.82. Refined products also dipped, with gasoline down 4.31% and natural gas down 3.46%. Despite the reductions, retail prices remain above depot levels. MRS’s Lagos pump price of ₦1,350 is ₦25 higher than the ₦1,325 depot average in the city, and ₦47 above the lowest depot price in Port Harcourt. Meanwhile, diesel prices showed wide regional variation, ranging from ₦1,790 per litre in Lagos to ₦1,900 in Port Harcourt, while Liquefied Petroleum Gas (LPG) averaged ₦1,125/kg in Port Harcourt and ₦1,020/kg in Warri. The figures suggest that falling depot prices are beginning to filter into retail markets, offering some relief to consumers amid high energy costs. (http://www.facebook.com/sharer.php?u=https://www.nigerianeye.com/2026/09/oil-marketers-slash-petrol-price-to.html&title=Oil Marketers Slash Petrol Price to ₦1,350/Litre as Depot Rates Fall) (Share on Facebook!) Facebook (http://twitter.com/share?url=https://www.nigerianeye.com/2026/09/oil-marketers-slash-petrol-price-to.html&title=Oil Marketers Slash Petrol Price to ₦1,350/Litre as Depot Rates Fall) (Share on Twitter!) Twitter (https://www.linkedin.com/shareArticle?url=https://www.nigerianeye.com/2026/09/oil-marketers-slash-petrol-price-to.html) (Share on Linkedin!) 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