Petrol Price Drops to N1,350 in Lagos as Depot Rates Fall

The pump price of petrol has started declining in parts of Nigeria as oil marketers respond to falling depot prices.

MRS has reduced its retail price in Lagos and neighbouring areas from N1,370 to N1,350 per litre, representing a N20 reduction.

Findings by Vanguard also showed that some independent marketers lowered their prices to N1,360 per litre from levels above N1,380.

The price cuts followed a continued decline in petrol depot prices, with the commodity selling for as low as N1,303 per litre in Port Harcourt, according to the Daily Depot Price Intelligence Report for Friday, September 25, 2026.

The movement in local petrol prices also came amid a sharp fall in international crude oil prices.

Brent crude declined by $2.28, or 2.14 per cent, from $106.58 to $104.30 per barrel. WTI also dropped by $1.79, or 1.89 per cent, from $94.61 to $92.82 per barrel.

Refined products followed the downward trend, as gasoline fell 4.31 per cent to $3.411, while natural gas declined 3.46 per cent to $3.183.

According to the latest depot report, Bulk Strategic, Masters, Sigmund and T.S.L depots in Port Harcourt sold PMS at N1,303 per litre, the lowest price among the markets monitored.

In Lagos, A.A Rano, AIPEC, Bovas, Dangote, Emadeb, Sahara and Wosbab depots were quoted at N1,325 per litre.

Average petrol prices stood at N1,326 per litre in Lagos, N1,318 in Calabar, N1,315 in Warri and N1,303 in Port Harcourt.

MRS’s new Lagos retail price of N1,350 per litre is N25 higher than the N1,325 per litre depot price recorded among the monitored Lagos suppliers.

Compared with the lowest depot price recorded in Port Harcourt, MRS’s Lagos pump price has a N47 per litre difference.

The report also highlighted variations in the prices of Automotive Gas Oil (AGO), or diesel, across the regions.

Diesel prices ranged from N1,790 per litre in Lagos to N1,900 per litre in Port Harcourt.

Duport, Ibachem, Integrated and MENJ depots in Lagos recorded N1,790 per litre, while Bulk Strategic in Port Harcourt was listed at N1,890 per litre.

The average diesel price was N1,895 per litre in Port Harcourt, N1,888 in Warri and N1,823 in Calabar.

For Liquefied Petroleum Gas (LPG), the report put the average price at N1,125 per kilogramme in Port Harcourt and N1,020 in Warri.

The figures suggest that falling wholesale petrol prices are beginning to influence retail pump prices in some parts of Nigeria.

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