Dangote-Backed MRS, Other Filling Stations Reduce Petrol Prices Nationwide

Dangote Refinery-backed MRS filling stations and several other fuel marketers have reduced the pump price of Premium Motor Spirit (PMS), offering some relief to motorists after weeks of rising fuel costs.

A market survey conducted on Saturday showed that MRS filling stations in Abuja now sell petrol at N1,265 per litre, down from N1,305 per litre, representing a N40 reduction.

The new price was observed at MRS outlets in Kubwa and along the Lugbe Expressway in the Federal Capital Territory.

AA Rano filling stations also adjusted their pump price, reducing it by N30 per litre to N1,300, compared to the previous price of N1,330 per litre.

The latest reductions come barely two weeks after marketers increased petrol prices in response to fluctuations in global crude oil prices.

With the new adjustments, motorists in parts of Abuja can now purchase petrol at between N1,265 and N1,300 per litre, depending on the retail outlet.

The price cuts follow recent moves by Dangote Refinery aimed at improving fuel distribution and stabilising prices across the country.

The refinery recently announced plans for the free distribution of its petrol to marketers across at least five states and the Federal Capital Territory.

Under the arrangement, Dangote Refinery said petrol would be supplied at a gantry price of N1,215 per litre.

The announcement came as international crude oil prices remained elevated, with Brent crude trading at about $84 per barrel and West Texas Intermediate (WTI) crude at approximately $87 per barrel over the weekend.

Meanwhile, depot operators have also adjusted their prices in line with prevailing market conditions.

According to market checks, petrol was being dispensed at between N1,217 and N1,222 per litre at major depots, including Pinnacle, Emedab, NIPCO and Sigmund.

Industry observers say the latest reductions could encourage more marketers to review their pump prices in the coming days if supply from local refineries continues to improve.

The development is expected to ease transportation costs for consumers and businesses while reinforcing expectations that increased domestic refining capacity could gradually stabilise Nigeria’s downstream petroleum market.