News
Petrol Price Falls to N1,350 as Depot Costs Decline
By staff Reporter Rukevwe Odeh
The retail price of petrol has begun to ease in parts of Nigeria following a decline in the cost of Premium Motor Spirit (PMS) at major fuel depots.
In Lagos, MRS has reduced its pump price by N20 per litre, bringing it down from N1,370 to N1,350. Some independent marketers have also adjusted their prices, with several stations reportedly selling petrol at about N1,360 per litre.
The price reductions followed a further decline in depot rates. Data from the Daily Depot Price Intelligence Report for Friday, September 25, showed that PMS was being sold for as low as N1,303 per litre in Port Harcourt.
The monitored Bulk Strategic, Masters, Sigmund and T.S.L depots in Port Harcourt recorded the N1,303 price, while several depots in Lagos, including A.A Rano, AIPEC, Bovas, Dangote, Emadeb, Sahara and Wosbab, were listed at N1,325 per litre.
Average petrol prices across the monitored markets stood at N1,326 per litre in Lagos, N1,318 in Calabar, N1,315 in Warri and N1,303 in Port Harcourt.
At N1,350 per litre, MRS’ new Lagos pump price is N25 above the prevailing N1,325 depot rate recorded among the monitored Lagos suppliers.
The domestic price movement also came amid a decline in international crude oil prices. Brent crude dropped by $2.28, or 2.14 per cent, to $104.30 per barrel, while West Texas Intermediate fell by $1.79, or 1.89 per cent, to $92.82 per barrel.
The report also showed variations in the prices of other petroleum products. Diesel was quoted between N1,790 and N1,900 per litre, depending on the market, while average diesel prices stood at N1,895 per litre in Port Harcourt, N1,888 in Warri and N1,823 in Calabar.
Meanwhile, Liquefied Petroleum Gas (LPG) averaged N1,125 per kilogramme in Port Harcourt and N1,020 per kilogramme in Warri.
The latest figures indicate that the reduction in wholesale petrol prices is beginning to translate into lower pump prices in some parts of the country, although prices continue to vary between locations and marketers.
By staff Reporter Rukevwe Odeh
Nigeria’s petrol prices may face downward pressure following a fresh decline in international crude oil prices, amid growing optimism that diplomatic efforts to end the conflict between the United States and Iran could lead to the resumption of crude oil and petroleum product shipments through the strategic Strait of Hormuz.
The development could ease pressure on global oil markets, as the Strait of Hormuz remains a major international route for crude oil and petroleum product transportation.
A possible restoration of shipping activities through the waterway is expected to improve global supply and reduce concerns over disruptions that have contributed to fluctuations in oil prices.
By staff Reporter Rukevwe Odeh
The Presidency and presidential candidate of the Nigeria Democratic Congress (NDC), Peter Obi, have exchanged words following allegations that officials of the Nigeria Football Federation (NFF) prevented him from greeting Nigeria’s victorious Under-17 women’s national football team, the Flamingos, at the Nnamdi Azikiwe International Airport, Abuja.
Obi alleged that NFF officials stopped him from approaching the players when he encountered the team at the airport on Monday, following their return from Morocco with the FIFA U-17 Women’s World Cup trophy.
In a statement issued through his media office, the former Anambra State governor said he had asked his protocol officer, Jackie Wayas, to find out whether he could welcome and congratulate the players.
By staff Reporter Rukevwe Odeh
Leader of the Warri South-West Legislative House and Chairman of the Delta State Councillors Forum, Rt. Hon. Ekpemupolo Idukedoumene Samuel, has warmly welcomed Delta State Governor, Rt. Hon. Sheriff Oborevwori, alongside members of the Delta State APC Campaign Council, to Warri South-West Local Government Area.
The visit forms part of the party’s political engagements and mobilisation activities ahead of the 2027 general elections.
Ekpemupolo Samuel’s reception of the governor and his entourage underscores the involvement of political and legislative stakeholders in the party’s activities across the local government area.
The visit also provides an opportunity for party leaders, elected representatives and grassroots stakeholders to interact as the APC intensifies its political engagements across Delta State.
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