Good News for Motorists as MRS, Others Slash Petrol Pump Prices

MRS and AA Rano filling stations have reduced their petrol pump prices in Abuja following fresh adjustments in the downstream petroleum market.

A market survey conducted on Saturday by Daily Post showed that MRS stations in Kubwa and along the Lugbe Expressway reduced their petrol price from ₦1,305 to ₦1,265 per litre.

The latest adjustment represents a reduction of ₦40 per litre. AA Rano filling stations also cut their petrol price by ₦30, reducing the pump rate from ₦1,330 to ₦1,300 per litre.

The reductions came after nearly two weeks of increases linked to volatility in global crude oil prices. The new retail prices at the affected stations now range between ₦1,265 and ₦1,300 per litre.

The development followed an announcement by the Dangote Petroleum Refinery that it had commenced the free distribution of petrol to at least five states, including the Federal Capital Territory.

The refinery reportedly fixed its gantry price at ₦1,215 per litre.

The adjustment came as Brent and West Texas Intermediate crude traded at about $84 and $87 per barrel, respectively, over the weekend.

Meanwhile, petrol was being sold at between ₦1,217 and ₦1,222 per litre at major depots, including Pinnacle, Emadeb, NIPCO and Sigmund.

The reduction by retail outlets is expected to intensify competition among marketers as they respond to changes in depot prices and domestic supply.