Nigerian Oil Marketers Lower Petrol Prices Amid Crude Decline

Oil marketers and state agencies in Nigeria have begun reducing the retail price of Premium Motor Spirit (PMS) following a decline in international crude oil prices and lower depot rates. Brent crude fell to $104.30 per barrel and West Texas Intermediate dropped to $92.82 per barrel, contributing to a softening of domestic costs.

In Lagos, MRS lowered its pump price by N20 per litre, reducing the cost from N1,370 to N1,350. Other independent marketers in the region followed suit, lowering prices to approximately N1,360 per litre. These adjustments align with depot prices that fell as low as N1,303 per litre in Port Harcourt as of September 25, 2026.

Further reductions appeared in Abuja, where the Nigerian National Petroleum Company Limited lowered prices at several filling stations. Retail outlets in Gwarimpa and Kubwa reduced prices from N1,430 to N1,405 per litre, while other locations in Wuse and along the Kubwa Expressway maintained a lower rate of N1,395 per litre. These shifts followed a decision by the Dangote Petroleum Refinery & Petrochemicals Fze to reduce its gantry fuel price by N25 per litre to N1,325.

Despite these downward trends, regional variations persist for other fuels, with diesel prices ranging from N1,790 per litre in Lagos to N1,900 per litre in Port Harcourt. Some filling stations have yet to lower their prices, leading to public calls for further reductions.