Fuel Price Drops Again As Dangote-Backed MRS Cuts Petrol To ₦1,399 Per Litre

Motorists in Nigeria may experience some relief as MRS filling stations, backed by Dangote Refinery, and several petroleum depot owners have reduced their Premium Motor Spirit (PMS) prices.

An MRS filling station manager in Abuja, who spoke on condition of anonymity, confirmed that the company had adjusted its petrol price from ₦1,408 to ₦1,399 per litre.

The latest adjustment represents a reduction of ₦9 per litre at MRS retail outlets.

The development follows a downward review of ex-depot prices by petroleum marketers and depot owners receiving products from Dangote Refinery. Their rates reportedly dropped from as high as ₦1,290 to ₦1,215 per litre, aligning with the refinery’s pricing.

The reduction in petrol prices comes amid a decline in international crude oil prices. At the time of filing this report, West Texas Intermediate (WTI) crude was trading at $86 per barrel, while Brent crude stood at $92 per barrel.

The latest development follows earlier indications that petrol prices could fall further due to declining crude oil costs and cheaper imported fuel.

The Federal Competition and Consumer Protection Commission (FCCPC) had also urged refiners, petroleum marketers and depot owners to consider reducing their prices in response to changing market conditions.

Meanwhile, the Nigerian National Petroleum Company Limited (NNPCL) was reported to be selling petrol at ₦1,325 per litre at its filling stations.

According to Bush Radio Academy, the latest price adjustment reflects changing conditions in the domestic petroleum market, although retail prices may continue to vary among marketers and locations.