MRS Adjusts Pump Prices Across Nigeria
MRS Oil Nigeria Plc has lowered the price of Premium Motor Spirit (PMS), commonly called petrol, to N925 per litre at its Lagos fuel stations. This price revision comes shortly after Dangote Refinery, a key partner of MRS, slashed its ex-depot petrol price to N890 per litre.
The new pricing structure also applies to other regions. In the South West, MRS stations will sell petrol at N935 per litre, while stations in the North will offer it at N945. Meanwhile, petrol will cost N955 per litre in the East.
Announcing the update on Monday via its official X (formerly Twitter) account, MRS assured customers that, despite price variations, quality remains its top priority.
“The prices may differ, but our commitment to high-quality fuel that keeps your engine running efficiently remains unchanged,” the company stated. “If any of our stations sell above these prices, feel free to reach out to us via call or email.”
Dangote Refinery Lowers Ex-Depot Petrol Price to N890
On February 1, 2025, Dangote Petroleum Refinery announced a reduction in its ex-depot petrol price, bringing it down from N950 to N890 per litre.
This price drop follows positive shifts in the global energy market, particularly a notable decline in international crude oil prices.
Global Market Trends Influence Pricing Decisions
A statement from Dangote Petroleum Refinery, signed by Anthony Chiejina, the Group’s Chief Branding and Communications Officer, explained the reasoning behind the price adjustment. He noted that the latest reduction aligns with recent market trends.
Earlier, on January 19, the refinery had increased prices due to a spike in crude oil costs. However, with global prices now easing, Dangote Refinery has revised its pricing once more, aiming to offer some relief to Nigerians.
Economic Impact of the Price Reduction
According to the statement, lowering the petrol price will have widespread economic benefits. It is expected to reduce overall fuel costs, leading to lower transportation expenses and, consequently, a decrease in the prices of goods and services.
“Dangote Petroleum Refinery strongly believes that reducing the price from N950 to N890 per litre will not only cut down fuel expenses but will also contribute to lowering the cost of living. This positive effect will ripple across different sectors of the economy,” the statement read.
Marketers Urged to Pass Benefits to Consumers
The refinery also urged fuel marketers to ensure that consumers fully benefit from the price reduction. Furthermore, it reaffirmed its support for President Bola Tinubu’s economic policies. The administration aims to make Nigeria self-sufficient in refined petroleum products while establishing the country as a major oil-exporting hub.
