MRS Cuts Petrol Price to N940 Amid Dangote’s Ex-Depot Slash

|By Adekunle Adejumo-

Price drop follows FG’s renewed naira-for-crude deal
Other marketers still sell as high as N975/litre

MRS filling station, a major partner of the $20 billion Dangote Refinery, has slashed its premium motor spirit (PMS) price by ₦10, DAILY POST reports.

A market survey by DAILY POST on Saturday revealed that MRS outlets located along the Kubwa Expressway and Lugbe Airport Road in Abuja now sell petrol at ₦940 per litre, down from the previous ₦950.

“I bought it at ₦940 per litre at the MRS station on Kubwa Express. I had hoped for a further drop, considering falling crude oil prices and the federal government’s renewed naira-for-crude deal,” a motorist, Nuhu Abdullahi, told DAILY POST.

The development trails a fresh cut in Dangote Refinery’s ex-depot fuel price, which dropped by ₦15 — from ₦880 to ₦865 per litre. The move aligns with the federal government’s decision to indefinitely sustain the naira-for-crude oil exchange agreement through the Nigerian National Petroleum Company Limited (NNPCL).

The pricing shift appears to be gaining traction, as NIPCO fuel stations in Abuja also now dispense petrol at ₦940 per litre.

However, NNPCL’s retail outlets have yet to adjust their prices, still selling at ₦950 as of Saturday afternoon. Meanwhile, most independent retail marketers across the city continue to sell between ₦950 and ₦975 per litre.

Commenting on the ripple effect of the renewed crude deal, the National President of the Petroleum Product Retail Outlets Owners Association of Nigeria, Billy Gillis-Harry, expressed optimism that Nigerians would begin to enjoy lower pump prices as global energy costs drop.

Recall that fuel prices spiked nationwide last week following the temporary halt of the naira-for-crude agreement and Dangote Refinery’s suspension of local currency sales.