Oil marketers across the country have begun slashing the retail pump price of Premium Motor Spirit (PMS), commonly known as petrol. Leading the latest downward adjustment, major energy marketer MRS Oil Nigeria Plc reduced its pump price by ₦20 per litre, bringing the retail price down to ₦1,350 from its previous rate of ₦1,370 across filling stations in Lagos and surrounding areas.
The price reduction was confirmed on Thursday, September 24, 2026, during a joint press briefing hosted by the Independent Petroleum Marketers Association of Nigeria (IPMAN) at its Lagos Zone Headquarters in Victoria Island, Lagos.
Speaking on behalf of the marketers, Chinedu Okoronkwo, National President of IPMAN, stated that the reduction stems from favorable supply conditions and falling landing costs from local refining hubs.
”We are pleased to inform the general public that, effective immediately, several major and independent retail outlets have initiated a price drop. MRS has taken the lead by scaling down to ₦1,350 per litre in Lagos,” Okoronkwo said. “This adjustment reflects recent improvements in local product sourcing, improved supply logistics, and competitive pressures following increased output from major refining partners.”
Supporting the announcement, Engr. Farouk Ahmed, Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), confirmed via an official statement issued at the agency’s Lagos Regional Office that market deregulation continues to foster competitive pricing dynamics.
”The authority welcomes this positive price alignment by MRS and other downstream operators. It demonstrates that market forces in a deregulated environment can work in favor of the Nigerian consumer,” stated NMDPRA spokesperson Kimchi Apollo. “Our monitoring teams are currently deployed across stations in Lagos, Ogun, and neighboring areas to ensure full compliance with quality and accurate dispensing standards.”
Reactions from commuters and commercial drivers at popular stations in Ikeja, Lekki, and Ojota were largely positive. Long queues began easing by Thursday afternoon as motorists sought to take advantage of the ₦1,350 per litre rate.
Industry insiders anticipate that other major marketing companies, including NNPCL, TotalEnergies, and Conoil, will follow suit in the coming days as depot loading prices continue to ease across primary supply terminals in Lagos.
