Petrol prices in Nigeria drop as depot rates fall

Oil marketers in Nigeria have begun reducing the retail price of Premium Motor Spirit (PMS) following a decline in depot rates and international crude oil prices. MRS has lowered its petrol price in Lagos from ₦1,370 to ₦1,350 per litre, while some independent marketers have reduced prices to approximately ₦1,360 per litre.

According to the Daily Depot Price Intelligence Report, depot prices have dropped significantly, reaching as low as ₦1,303 per litre in Port Harcourt. Average depot prices across major regions include ₦1,326 in Lagos, ₦1,318 in Calabar, ₦1,315 in Warri, and ₦1,303 in Port Harcourt. Despite these cuts, retail prices remain higher than depot costs; for instance, the MRS Lagos pump price is ₦25 higher than the local depot average.

The downward trend in domestic fuel costs coincides with a global dip in crude oil prices. Brent crude fell by $2.28 to $104.30 per barrel, and West Texas Intermediate (WTI) dropped by $1.79 to $92.82. Additionally, refined gasoline prices declined by 4.31% globally.