Oil marketers have begun reducing the pump price of Premium Motor Spirit (petrol). MRS cut its price in Lagos and environs by N20 per litre to N1,350 from N1,370. Some independent marketers also reduced their retail prices to N1,360 from more than N1,380 per litre. The reductions follow softening depot prices, with PMS falling to as low as N1,303 per litre in Port Harcourt, and a sharp decline in international crude oil prices.
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