MRS Oil Nigeria Plc has reduced the pump price of Premium Motor Spirit (PMS), commonly known as petrol, to N925 per litre at all its stations in Lagos. The price adjustment follows Dangote Refinery’s recent decision to lower its ex-depot price from N950 to N890 per litre.
In a statement on its official X (formerly Twitter) account, MRS confirmed new regional petrol prices: N935 per litre in the South West, N945 in the North, and N955 in the East. The company assured customers of consistent fuel quality while urging them to report any stations selling above the listed prices.
Dangote Petroleum Refinery announced on February 1, 2025, that it had reduced the ex-depot price of petrol from N950 to N890 per litre.This decision, the company stated, was driven by a decline in global crude oil prices and favorable trends in the energy market.
According to a statement from Anthony Chiejina, Group Chief Branding and Communications Officer, the price cut is expected to significantly reduce petrol costs nationwide and create a positive economic impact. “ This reduction will lead to lower fuel prices across the country, easing the cost of goods and services and improving the overall cost of living,” the statement read.
The refinery also urged marketers to ensure that consumers benefit from the price drop while reaffirming its commitment to supporting President Bola Tinubu’s economic agenda. The administration aims to make Nigeria self-sufficient in refined petroleum products and establish the country as a major oil export hub.
The reduction in petrol prices could bring relief to consumers and businesses by:
– Lowering transportation costs, which could reduce the prices of goods and services.
– Easing inflationary pressure on households and businesses.
– Boosting economic activitiesas fuel-dependent industries may experience cost savings.
However, the full impact will depend on how effectively marketers and retailers pass on the benefits of the price reduction to consumers across Nigeria.
