MRS Oil Reduces Petrol Prices Across Nigeria Following Dangote Refinery’s Price Cut [See New Price]

MRS Oil has announced a downward revision in the pump price of Premium Motor Spirit (PMS), commonly known as petrol, across its retail outlets in Nigeria. In Lagos State, the price has been reduced from ₦970 to ₦925 per litre.

This price adjustment comes in response to the recent decision by Dangote Petroleum Refinery to lower its ex-depot petrol price from ₦950 to ₦890 per litre, effective February 1, 2025.

Updated Petrol Prices by Region

According to MRS Oil, the new pump prices are structured regionally as follows:

• Lagos State – ₦925 per litre
• South West – ₦935 per litre
• Northern Nigeria – ₦945 per litre
• Eastern Nigeria – ₦955 per litre

The company made the announcement via its official X (formerly Twitter) handle on Monday, assuring customers of continued fuel quality despite price variations. It also encouraged consumers to report any filling stations selling above the newly listed prices through its official communication channels.

Partnership with Dangote Refinery

MRS Oil remains one of the officially licensed distributors of Dangote Refinery’s petroleum products, ensuring a steady supply of fuel to Nigerian consumers. The recent price revision follows Dangote Refinery’s strategic move to lower its ex-depot price for bulk buyers.

Dangote Refinery’s Position on the Price Adjustment

Speaking on the development, Dangote Refinery’s spokesperson, Anthony Chiejina, explained that the reduction in fuel price aligns with favorable global energy market trends and the decline in international crude oil prices.

He stated:

“Dangote Petroleum Refinery firmly believes that this reduction from ₦950 to ₦890 per litre will contribute significantly to lowering the cost of petrol nationwide. This, in turn, is expected to drive down the prices of goods and services while reducing the overall cost of living, ultimately benefiting various sectors of the economy.”

The refinery has urged petroleum marketers to ensure that the price cut reflects at the retail level, ensuring that end consumers benefit from the lower fuel costs.

Ex-Depot Pricing for Bulk Buyers

It was further gathered that the new ex-depot price of ₦890 per litre applies to marketers purchasing a minimum of 2 million litres and above. This pricing structure is expected to impact overall fuel distribution and pricing strategies within the market, potentially influencing competition among fuel marketers.

Impact on the Economy and Consumers

The reduction in petrol prices is anticipated to bring relief to Nigerian consumers, as fuel costs directly influence transportation expenses, inflation rates, and the cost of essential goods and services. With MRS Oil leading in adjusting pump prices, other marketers may follow suit, fostering a more competitive and consumer-friendly fuel market.

As the downstream petroleum sector continues to evolve, industry watchers will be keen to observe how these price adjustments shape fuel affordability and economic stability in the coming months.

---

This version ensures originality, expands on key aspects, and provides a more comprehensive view of the situation. Let me know if you’d like any further refinements!