Fuel Price Drops In Lagos, Abuja As Marketers Adjust Rates

For the first time since the deregulation of the petrol market, petrol prices experienced a significant drop. This price reduction follows a decrease in the ex-depot price announced by the Dangote Refinery, which lowered the cost of petrol from N970 to N899.50 per litre. The refinery, which operates a 650,000 barrels per day facility in Lagos, made this adjustment to help ease the burden on consumers. The Nigerian National Petroleum Company NNPC Limited also followed suit, slashing its petrol ex-depot price from N1,020 to N899 per litre.

To ensure that this price reduction is passed on to consumers, Aliko Dangote, President of Dangote Industries Limited, revealed a partnership between Dangote Refinery and MRS Oil and Gas. As part of this collaboration, petrol will be sold at N935 per litre across retail outlets.

As a result of this partnership, MRS Oil Nigeria Plc began implementing the new price across its retail outlets nationwide. The company set up a digital platform and a monitoring team to ensure full compliance with the new price structure, urging Nigerians to report any MRS outlets that fail to adhere to the new pricing.

In a statement, MRS Oil emphasized: Petrol is now being sold at N935 at MRS Filling Stations nationwide. If you find any station not following this price, please report it.

In addition, petrol prices at NNPCL outlets in Lagos were also reduced to N925 per litre, down from the previous price of N1,025 per litre, representing a N100 cut. In Ibadan, Oyo State, NNPCL petrol was sold at N985 per litre, reduced from N1,015. The NNPCL also cut its price in Abuja from N1,040 to N965 per litre.

Other oil marketers followed suit with price reductions as well. Bovas Oil, for instance, lowered its petrol price to N985 per litre from N1,025.

While many oil marketers are implementing region-based pricing, MRS Oil is offering a consistent price of N935 per litre across all its stations in the country. In Lagos, commuters were seen queuing at MRS filling stations to take advantage of the new price.

One commuter, Mrs. Ibukun Phillips, from Alapere on the Lagos-Ibadan Expressway, expressed her joy at the price cut, calling it the best gift of the season. A commercial bus driver, Adio Ajibade, also welcomed the reduction, especially with the festive season approaching. He said, The reduction is a great relief. It will lower transportation costs and benefit Nigerians. God will continue to bless Alhaji Aliko Dangote.

Dr. Tunde Akanni, a public affairs analyst and university lecturer, praised the collaboration between Dangote Refinery and MRS Oil, calling it a major step towards improving the affordability, quality, and sustainability of petroleum products in Nigeria.

This move will not only ease the financial strain on Nigerians but also encourage a more environmentally conscious approach to fuel consumption, which benefits both the economy and public health in the long run, Dr. Akanni said.

Industry stakeholders have largely welcomed the price reduction. The National Public Relations Officer of the Petroleum Products Retail Outlets Owners Association of Nigeria PETROAN, Billy Harry, hailed the move as a positive step toward easing financial pressure on Nigerians. He noted that the price cut is particularly beneficial during the festive season, when transportation costs typically rise.

The reduction in PMS Premium Motor Spirit price by NNPCL is a demonstration of the companys commitment to making petroleum products more affordable for Nigerians. We commend NNPCL for responding to our call for affordable PMS prices, Harry said.

He further explained that lower fuel prices would help reduce transportation expenses, enabling motorists to save money and increase their disposable income. Additionally, the price reduction is expected to stimulate economic activity by lowering production costs, which would lead to greater demand for goods and services.

Harry also commended Dangote Refinery for fostering a competitive environment in the sector, which ultimately benefits both consumers and the broader economy. However, he cautioned against compromising product quality in the name of competitive pricing, urging the Nigerian Midstream and Downstream Petroleum Regulatory Authority NMDPRA to enforce strict quality control standards across the industry.