After NNPC, MRS Reduces Petrol Price for Second Time in Two Weeks Amid Drop in Crude Costs
- MRS fills stations have dropped petrol prices by N50 per litre, easing costs for motorists
- NNPC's price reductions are driving competition among marketers, transforming Nigeria's fuel market
- Declining crude prices signal potential for further petrol price drops below N1,000 per litre, according to experts' predictions
Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
Motorists are set to enjoy fresh relief at the pumps as MRS filling stations have reduced the retail price of Premium Motor Spirit (PMS), popularly known as petrol, for the second time in just two weeks.
The latest adjustment comes only days after the Nigerian National Petroleum Company (NNPC) Limited implemented a nationwide reduction in petrol prices, further intensifying competition among downstream marketers as global crude oil prices continue to decline.
Source: Original
A market survey conducted on Wednesday by Legit.ng showed that MRS stations in Abuja are now dispensing petrol at N1,191 per litre, down from N1,241 per litre, representing a N50 per litre reduction.
NNPC's nationwide price cuts drive competition
The latest move by MRS follows NNPC's recent nationwide review of pump prices across its retail outlets.
NNPC reduced petrol prices in several cities, including:
- Lagos: N910 per litre, down from N945
- Abuja: N935 per litre, down from N965
- Kaduna: N945 per litre
- Kano: N945 per litre
- Port Harcourt: N925 per litre
- Enugu: N945 per litre
- Maiduguri: N955 per litre
The nationwide reductions signalled a new pricing trend in Nigeria's deregulated fuel market, with independent marketers responding by adjusting their own pump prices.
Abuja motorists pay less
With MRS's latest price adjustment, motorists in Abuja can now purchase petrol for N1,191 per litre, while prices at other filling stations in the Federal Capital Territory still range between N1,210 and N1,300 per litre.
Major marketers including AA Rano, Ranoil, Nigerian Downstream Oil and Gas Company, Empire Energy and several independent filling stations are yet to match MRS's latest reduction.
The lower pricing is expected to attract more customers as marketers compete for market share.
Dangote Refinery price cut behind latest adjustment
Industry observers attribute the latest reduction to the recent decision by Dangote Refinery to lower its ex-depot petrol price to N1,125 per litre.
MRS, one of the key distributors of Dangote Refinery products, had already reduced its pump price on June 19, 2026, following an earlier cut in the refinery's gantry price.
The latest adjustment marks the second reduction by the marketer within a fortnight, underscoring the growing influence of Dangote Refinery on Nigeria's downstream petroleum market.
Declining crude oil prices offer hope
The recent wave of petrol price cuts has also been supported by a decline in international crude oil prices.
Brent crude and West Texas Intermediate (WTI) have fallen to between $69 and $72 per barrel following easing geopolitical tensions in the Middle East.
The softer global oil market has lowered the cost of refined petroleum products, creating room for marketers to reduce pump prices.
Source: Getty Images
Analysts say if crude prices remain subdued and competition among marketers continues to intensify, Nigerians could see further reductions in petrol prices in the coming weeks, with some industry stakeholders previously projecting that pump prices could gradually move closer to the N1,000 per litre mark.
Depots cut petrol prices again
We also highlighted facts about the ongoing competition among petroleum depots in Nigeria, where private owners have begun selling petrol at prices lower than those set by Dangote Refinery.
This shift not only reflects the changing dynamics of the market but also raises questions about the impact on consumers and the long-term strategies of major players in the industry.
Source: Legit.ng
