NNPC Finally Crashes Petrol Price, Sells Below Dangote, MRS Rate

• The price of its pump has finally been reduced by the Nigerian National Petroleum Company Limited (NNPCL) to sell below competitors
• NNPC’s amount is currently N10 less than the N935 that MRS Filling Stations are selling after the Oil and Gas's partnership with Dangote Refinery
• The uniform arrangement and drop in the fuel ex-depot price at Dangote Refinery necessitated the new pricing

Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.

The Nigerian National Petroleum Company Limited (NNPCL) has finally lowered the price of its pump after the ex-depot price of petrol dropped.

The Daily Trust reported that NNPCL retail stations in Lagos now charge ₦925 per litre, which is N10 less than the N935 being charged by MRS Filling Stations, owing to MRS Oil and Gas's partnership with Dangote Refinery.

Over the weekend, Dangote Refinery announced a statewide price reduction to N935 per litre.

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In light of Dangote Refinery's new agreement, the Independent Petroleum Marketers Association of Nigeria (IPMAN) predicted that petrol prices would drop to N935 per litre by Monday.

According to IPMAN, the new pricing was required because of the uniform arrangement and decrease in the fuel ex-depot price at Dangote Refinery, allowing marketers to sell at N935 in their stores nationwide.

Nevertheless, the investigation showed that some gas stations continue to charge more than N1000 per litre.

Based on the random checks, NNPC sells at N925; MRS sells at N935; Bovas N985; AP N985; Mobil 1,015; Conoil sells at N1,065.

MRS has raised the price of petrol to N935 per litre at all of its retail service stations across the country.

This comes after Aliko Dangote, president of Dangote Industries Limited, said that the Dangote Petroleum Refinery has partnered with MRS Oil and Gas to sell gasoline at retail locations for N935 per litre following a drop in the ex-depot price from N970 to N899.50 per litre.

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MRS has responded by directing all its outlets to implement the new price immediately and establishing a digital platform and monitoring team to ensure full compliance.

Additionally, the company has asked Nigerians to report any establishments that do not use the new pricing structure.

MRS Oil also emphasized how environmentally beneficial its products are.

“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."

Marketers announce new petrol price

Legit.ng reported that according to an inquiry, even after the Nigerian National Petroleum Company Limited (NNPCL) and Dangote Refinery reduced the price, premium motor spirit (PMS), also referred to as gasoline, is still selling for more than N1000 per litre at filling stations.

In what it called a Holiday Bonanza, Dangote Refinery reduced the price of PMS to N899.50k per litre on Thursday to give Nigerians much-needed relief.

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“Competitive prices”: Marketers address anticipated scarcity of fuel ahead of Christmas

Anthony Chiejina, group chief branding and communications officer, announced a fresh offer from Dangote Group to better benefit customers.

Source: Legit.ng