MRS Reduces Pump Price to N935 While NNPC Outlets Continue Selling Above N1,000
Dangote Refinery has been lowering petrol prices through direct negotiations with oil marketers amid ongoing disagreements with the national oil company
MRS Petrol Station has reduced its pump price to N935 at its outlets in Lagos, according to Nairametrics.
In contrast, outlets of the Nigeria National Petroleum Company Limited (NNPCL) are still selling fuel at prices exceeding N1000.
As of Saturday, the MRS outlet in Lagos was selling petrol at the rate of N935 per liter. In comparison, multiple NNPC outlets visited on the same day were selling fuel for N1015.
Newsheadline247 understands that price reduction made possible through partnership with Dangote Refinery.
A statement released on Saturday by Dangote Refinery indicated that MRS’s reduction in petrol prices was made possible through a partnership between the two companies. Dangote Refinery has lowered its petrol price from N970 to N899.50 at its loading plant and is also offering credit purchases to customers.
The statement outlined that Dangote Refinery products are now being sold at MRS outlets, which is why the pump price has decreased. “To ease the burden on Nigerians, Dangote recently reduced the price of Premium Motor Spirit (PMS) from N970 to N899.50 at its loading gantry, and provided favorable credit terms to marketers.
“To ensure that this price reduction reaches the end consumer, we have partnered with MRS to sell petrol from its retail outlets nationwide at N935 per liter,” the statement noted. This price reduction has already started in Lagos, with a nationwide rollout expected on Monday.
Aliko Dangote, President of Dangote Industries Limited, praised President Bola Tinubu for enabling this price reduction through his administration’s “naira-for-crude swap deal.” He also expressed gratitude to Nigerians for their continued support and thanked the government for creating a conducive environment for the domestic refining industry.
“The Dangote Refinery is dedicated to benefiting Nigerians. We will continue to collaborate with various stakeholders to provide high-quality petrol at lower prices. Our goal is to ensure that all Nigerians have ready access to high-quality petroleum products that are safe for their vehicles, beneficial for their health, and financially viable.”
It is worth recalling that in September, the Federal Executive Council decided to allow local refineries to purchase crude oil using Naira, with petroleum products sold in Naira as well. This policy shift, effective October 1, aims to alleviate pressure on the US dollar and help stabilize the Naira.
Dangote Refinery has been lowering petrol prices through direct negotiations with oil marketers amid ongoing disagreements with the national oil company
