MRS filling stations, which market petrol supplied by Dangote Refinery, alongside several other retail outlets across Nigeria, have reduced their pump prices following recent developments in the downstream petroleum sector.
A market survey conducted on Saturday showed that MRS stations in Abuja have lowered the price of petrol to N1,265 per litre from the previous N1,305 per litre.
The revised price was observed at MRS outlets in Kubwa and along the Lugbe Expressway in the Federal Capital Territory.
The adjustment represents a reduction of N40 per litre at MRS filling stations.
AA Rano filling stations in Abuja also reviewed their pump price downward by N30 per litre, bringing the cost of petrol to N1,300 per litre.
With the latest reductions, motorists now buy petrol at N1,265 and N1,300 per litre at MRS and AA Rano stations, respectively, compared to the earlier prices of N1,305 and N1,330 per litre. The downward review follows nearly two weeks of price increases driven by fluctuations in global crude oil prices.
The price cuts come shortly after Dangote Refinery announced plans to commence free distribution of its petrol to marketers in at least five states, including the Federal Capital Territory, at a gantry price of N1,215 per litre. The announcement coincided with Brent crude and West Texas Intermediate (WTI) crude trading at about $84 and $87 per barrel, respectively, over the weekend.
Meanwhile, petrol is currently being sold by depot operators at between N1,217 and N1,222 per litre at Pinnacle, Emedab, NIPCO and Sigmund depots.
