MRS Oil Nigeria Plc has announced the sale of Premium Motor Spirit (PMS), commonly known as petrol, at a new rate of N925 per litre at all its stations across Lagos.
This price slash comes days after the Dangote Refinery, MRS partner, reduced the ex-depot price to N890 per litre.
The company also stated that petrol pump prices will be sold for N935 per litre in the southwest, N945 in the north, and N955 in the east.
MRS Petrol on Monday revealed this on its official X account; it is now selling at new regional prices.
“The prices may vary, but one thing stays the same—we give you high-quality fuel that keeps your engine running at its best,” MRS said. “If you notice any station selling above the listed price, we’re just a call or email away.”
Dangote Refinery reduced the ex-depot price of PMS from N950 to N890, effective from Saturday, February 1, 2025.
This price adjustment is in response to favourable developments in the global energy sector and a significant decline in international crude oil prices.
A statement from Dangote Petroleum Refinery, issued by Anthony Chiejina, the Group’s Chief Branding and Communications Officer, explained that this latest move follows a similar decision made on 19th January, when a modest price increase was implemented due to rising crude oil costs.
However, with recent global market trends indicating a decline, Dangote Refinery has once again adjusted its pricing structure, providing relief to Nigerians.
The statement also noted that the price reduction would significantly lower the cost of petrol across the country, generating a positive ripple effect throughout the broader economy.
“Dangote Petroleum Refinery firmly believes that this reduction from N950 to N890 will result in a meaningful decrease in the cost of petrol nationwide, thereby driving down the prices of goods and services, as well as the overall cost of living, with a positive ripple effect on various sectors of the economy,” the statement said.
The refinery also called on marketers across the country to ensure that the benefits of the reduced price are passed on to the Nigerian public while reiterating its support for the economic revival spearheaded by President Bola Tinubu, whose administration is focused on making Nigeria self-sufficient in refined petroleum products and positioning the country as a leading oil export hub.
