Petrol Prices Drop as MRS Cuts Pump Rate to ₦1,399, Lagos Depots Slash Prices
- MRS has cut its Abuja petrol price by ₦9 per litre, bringing it down to ₦1,399
- Some Lagos depot operators have reduced wholesale petrol prices by up to ₦75 per litre
- Falling crude prices and FCCPC pressure have raised hopes of further pump price cuts across Nigeria
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Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
Nigerian motorists could be in for some relief as MRS filling stations and major petroleum depot operators begin reducing petrol prices following a decline in crude oil prices and growing pressure on marketers to adjust their rates.
The latest adjustments have seen MRS, a major retail partner of Dangote Refinery, reduce its pump price in Abuja, while several depot operators have also lowered their wholesale prices.
Source: Original
The development raises expectations of further reductions at filling stations across Lagos, Abuja and other parts of the country.
MRS reduces petrol price in Abuja
An MRS filling station manager in Abuja, who requested anonymity, confirmed that the company had reduced its Premium Motor Spirit (PMS) price from ₦1,408 to ₦1,399 per litre.
The adjustment represents a ₦9 reduction per litre, offering modest savings to motorists purchasing petrol at the affected outlet.
For motorists buying 50 litres, the new price translates to a saving of ₦450 compared with the previous rate.
However, the extent to which the reduction has been implemented across the company's nationwide retail network remains unclear.
Lagos depots slash petrol prices
The retail price adjustment follows reductions in wholesale petrol prices by depot owners and marketers receiving products from Dangote Refinery.
According to market reports, some operators have lowered their ex-depot prices from as high as ₦1,290 to ₦1,215 per litre.
This represents a reduction of up to ₦75 per litre, creating room for filling stations to review their pump prices.
However, lower depot prices do not automatically translate into equivalent retail reductions, as marketers must account for transportation, distribution and operating costs, PetroleumPriceNG reports.
Falling crude prices increase pressure
The price adjustments come amid declining international crude oil prices, which have raised expectations of cheaper petroleum products.
At the time of the original report, West Texas Intermediate (WTI) crude traded around $86 per barrel, while Brent crude stood at approximately $92.
The Federal Competition and Consumer Protection Commission (FCCPC) had earlier urged refiners, depot owners and petroleum marketers to reflect declining crude oil costs in their selling prices.
The commission's intervention followed growing concerns over the pace at which reductions in international oil prices were being passed on to Nigerian consumers.
Source: Getty Images
NNPCL sells petrol at ₦1,325
Meanwhile, reports indicate that Nigerian National Petroleum Company Limited (NNPCL) filling stations are dispensing petrol at approximately ₦1,325 per litre, although prices may vary by location.
The difference between reported retail prices highlights the continuing competition among major petroleum marketers.
For Nigerian households and businesses struggling with high transportation and operating costs, further reductions could provide welcome relief.
Filling stations release new petrol prices
Earlier, Legit.ng reported that petrol prices have climbed to as high as N1,370 per litre in Lagos, piling fresh pressure on motorists and households following another round of price adjustments by depot operators across Nigeria.
The latest increases have forced major filling stations, including the Nigerian National Petroleum Company Limited (NNPCL), MRS and Mobil, to review their pump prices as marketers grapple with rising supply costs.
Source: Legit.ng
