NNPC, MRS Slashes Fuel Prices in Lagos, Abuja, Ogun, Other States
- NNPC station and other oil marketers have adjusted their petrol pump prices ahead of the festive season
- Following Dangote Refinery’s ex-depot price reduction, MRS now sells petrol at N935 nationwide
- Nigerians will be hoping that the reduction extends beyond the festive season and latest prices are retained
Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The Nigerian National Petroleum Company Limited (NNPCL) and other filling stations have adjusted their pump price for premium motor spirit (PMS), popularly known as petrol.
NNPC retail stations are selling at the cheapest N925 per litre in Lagos.
Source: Getty Images
MRS Oil Nigeria Plc filling stations, following an agreement with the Dangote refinery, are now pricing fuel at N935 per litre.
Legit.ng had earlier reported that the Independent Petroleum Marketers Association of Nigeria (IPMAN) that petrol prices would drop to N935 per litre, citing the Dangote Refinery’s reduction in ex-depot prices from N970 to N899.50 per litre.
Checks by Dailytrust show that only while NNPCL and MRS sell at N925 and N935, respectively, other marketers such as Bovas and AP sell at N985, with Mobil at N1,015 and Conoil at N1,065 per litre.
MRS Oil and Gas has confirmed the implementation of the N935 price across all its retail outlets nationwide.
In a statement, the company announced it had deployed a digital platform and monitoring team to ensure compliance with the new pricing structure.
MRS also urged Nigerians to report outlets that fail to adhere to the reduced price.
The company stated::
“We call on all petrol station owners to join MRS Oil Nigeria Plc in improving the supply chain of our beloved country, ensuring product quality and availability in every corner of Nigeria for the benefit of all Nigerians."
In another statement, Dangote confirmed its partnership with MRS to make fuel cheaper.
Dangote said:
"To ensure that this price reduction gets to the end consumer, we have signed a partnership with MRS to sell petrol from its retail outlets nationwide at N935 per litre.
"This price has already commenced in Lagos, and it will be offered nationwide from Monday."
Local refiners want govt to stop giving import licence
In a related development, Legit.ng reported that the Crude Oil Refinery Owners Association of Nigeria (CORAN) has called on the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to stop issuing licenses to importers.
The refiners believe that domestic production can sufficiently meet the demands of Nigerians, eliminating the need to import off-spec petroleum products into the country.
The Dangote Petroleum Refinery and the Port Harcourt Refinery are currently operational.
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Source: Legit.ng
