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.
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