MRS cuts petrol price to N1,399 per litre as depot owners lower ex-depot rates

MRS filling stations, backed by the Dangote Refinery, and other petroleum marketers have reduced their Premium Motor Spirit (PMS) prices following a downward adjustment in the cost of petrol at the depot level.

An MRS filling station manager in Abuja, who spoke to DAILY POST on condition of anonymity, confirmed that the company had reduced its pump price from N1,408 to N1,399 per litre.

The adjustment represents a reduction of N9 per litre.

The retail price cut followed a reduction in the ex-depot price of petrol by depot owners and marketers sourcing products from the Dangote Refinery.

The suppliers reportedly lowered their prices to N1,215 per litre from as high as N1,290, bringing their rates in line with the refinery’s pricing.

READ ALSO; MRS slashes petrol price by N50/Litre as Dangote Refinery cuts fuel costs

The development comes amid a decline in international crude oil prices, with West Texas Intermediate (WTI) and Brent crude trading at approximately $86 and $92 per barrel, respectively, at the time of filing this report.

The latest reduction follows earlier indications that petrol pump prices could decline further as crude oil and imported fuel prices eased in the international market.

The Federal Competition and Consumer Protection Commission (FCCPC) had also urged refiners, depot owners and petroleum marketers to consider reducing their prices in response to changing market conditions.

Meanwhile, the Nigerian National Petroleum Company Limited (NNPCL) reportedly sells petrol at N1,325 per litre at its filling stations.

The latest adjustments signal a possible easing of petrol prices in the downstream petroleum market, although the extent to which other marketers will reflect the reductions at their retail outlets remains to be seen.