Fuel price drops as MRS slashes prices nationwide

MRS Oil Nigeria Plc has lowered the pump price of Premium Motor Spirit (PMS), commonly known as petrol, to N925 per litre at all its stations across Lagos.

This follows Dangote Refinery’s decision to cut the ex-depot price to N890 per litre.

The company also announced regional price variations, with petrol selling at N935 per litre in the South West, N945 in the North, and N955 in the East.

In a statement on its official X (formerly Twitter) account, MRS assured customers of high-quality fuel and encouraged them to report any stations selling above the listed price.

Dangote Refinery reduced its ex-depot price from N950 to N890, effective February 1, 2025, citing favourable global energy trends and a drop in crude oil prices.

According to Anthony Chiejina, Group’s Chief Branding and Communications Officer, the price cut aligns with global market trends and aims to reduce petrol costs nationwide, lower the cost of living, and positively impact the economy.

The refinery also urged marketers to ensure that the benefits of the reduction reach consumers while reaffirming its commitment to supporting President Bola Tinubu’s vision of making Nigeria self-sufficient in refined petroleum products.