Fuel Price Drops As MRS, Others Slash Petrol Pump Price

Motorists in Abuja have begun enjoying lower petrol prices after MRS and AA Rano filling stations announced fresh reductions in their pump prices following recent developments in Nigeria’s downstream petroleum market.

According to Ireporter Online, a market survey conducted on Saturday showed that MRS outlets located in Kubwa and along the Lugbe Expressway reduced the pump price of Premium Motor Spirit (PMS) from ₦1,305 to ₦1,265 per litre, representing a ₦40 reduction.

AA Rano also adjusted its retail price, cutting the cost of petrol from ₦1,330 to ₦1,300 per litre, offering motorists a ₦30 per litre reduction.

The latest price adjustments come after nearly two weeks of increases driven by fluctuations in international crude oil prices. With the new rates, petrol now sells between ₦1,265 and ₦1,300 per litre at the affected filling stations.

The development follows the commencement of free petrol distribution by the Dangote Petroleum Refinery to at least five states, including the Federal Capital Territory. The refinery also pegged its gantry price at ₦1,215 per litre, a move expected to influence retail pricing across the country.

Global oil prices remained elevated over the weekend, with Brent crude trading at approximately $84 per barrel, while West Texas Intermediate hovered around $87 per barrel.

Meanwhile, major petroleum depots, including Pinnacle, Emadeb, NIPCO and Sigmund, were selling petrol at prices ranging from ₦1,217 to ₦1,222 per litre.

Industry observers believe the latest reductions by retail marketers could trigger increased competition among fuel distributors as operators respond to changing depot prices and improved domestic supply.