After Dangote Refinery, Another Oil Company Crashes Fuel Prices For Nigerians

After Dangote Refinery, Another Oil Company Crashes Fuel Prices For Nigerians

  • MRS Oil Plc has slashed the price of diesel from N1,700 to N1,050 in all its filling stations nationwide
  • The company disclosed this recently and asked Nigerians to report any of its filling stations selling above the new price
  • The move follows the crash in the price of the commodity by the Dangote Refinery to N980 per litre’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.

MRS Oil Plc has crashed the diesel price to N1,051 across its outlets in Nigeria.

The information is contained in a flier by the company circulation on social media.

MRS Oil Plc announces price crash. Diesel Price, Dangote Refinery
MRS Oil Plc announce crash in diesel prices across Nigeria Credit: Bloomberg / Contributor
Source: Getty Images

MRS crashes from N1,700 to N1,050/litre

The company crashed the diesel price from N1,700 when it sold the product in some filling stations last month to the recent price in response to the Dangote Refinery's decision to slash the commodity’s price.

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In the flier, MRS management asked members of the public to report any outlets selling the product at a higher price than the stipulated price.

The company said:

“We are now selling AGO at all MRS retail outlets in Nigeria at N1050 per litre.
“Any station not selling at this price, please report to customer service or whistleblower.” 

Dangote slashes diesel price for marketers

On Tuesday, April 23, 2024, the Dangote Refinery announced a further slash in diesel and aviation fuel prices to N940 per litre and N980 per litre, respectively.

The 650,000bpd-capacity refinery adhered to oil marketers' calls for further reductions in the commodity's price, reducing the diesel price to N1,000 from N1,200 per litre.

In announcing a further reduction in diesel prices, the refinery noted that the change only applies to dealers buying five million litres or more diesel.

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NNPC sends message to Nigerians as filling stations sell one litre of fuel at new price

The company’s spokesman, Tony Chiejine, said that the price change affects customers buying about five million litres and above from the refinery, while the N970 is for customers purchasing one million litres and above.

Punch reports that Chiejine explained that the new price aligns with the firm’s commitment to alleviating the effects of Nigeria's economic hardship.

Price slash comes with a condition

“You can buy as low as one litre of diesel at N1,050 and aviation fuel at N980 at all major airports where MRS operates,” Chiejina stated.

Chiejine said the company will partner with other prominent oil marketers in Nigeria.

Dangote refinery began releasing diesel to the Nigerian market two weeks ago amid wild applause and jubilation by Nigerians who hailed the development as positive for a country solely dependent on imports.

The latest move by MRS Oil Plc comes as the company is seeking shareholders’ nod to exit the Nigerian Exchange Limited (NGX).

Read also

Marketers give reasons diesel will not sell for N950 despite Dangote refinery's price crash

The company disclosed this in its Extraordinary General Meeting (EGM) notice filed with the NGX.

According to reports, the company said regulatory burdens, administrative costs, emerging opportunities, and strategic goals caused the decision.

Another Nigerian refinery set a date to begin selling fuel reported earlier that oil marketers said the Port Harcourt Refinery Company in Rivers State would start releasing refined petroleum products this month.

The Independent Petroleum Marketers Association of Nigeria (IPMAN) members said the facility’s rehabilitation has been mainly completed.

The IPMAN members said the plant will be ready this month, as earlier speculated by Mele Kyari, the Group CEO of the Nigerian National Petroleum Company Limited (NNPCL).


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