MRS slashes pump price to N935 while NNPC outlets sell above N1,000 

However, outlets of the Nigeria National Petroleum Company Limited (NNPCL) are selling above N1000.

Our correspondent who visited an MRS outlet in Lagos on Saturday bought at the rate of N935 per liter.

While checking at multiple NNPC outlets on the same day, fuel was sold for N1015.

According to a statement issued on Saturday by Dangote Refinery, the slash in petrol price by MRS was made possible through a partnership between both companies.

Naijaonpoint reported that Dangote refinery reduced petrol price from N970 to N899.50 at its Refinery loading plant. The management of the refinery also offered credit purchases to customers.

According to the statement on Saturday, Dangote refinery is selling at MRS outlets, hence the reduction in pump price.

“To provide succour to Nigerians, Dangote recently reduced the price of Premium Motor Spirit (PMS) from N970 to N899.50 at its Refinery loading gantry and provided generous credit terms to marketers. 

“To ensure that this price reduction gets to the end consumer, we have signed a partnership with MRS to sell petrol from its retail outlets nationwide at N935 per litre” he added. This price has already commenced in Lagos, and it will be offered nationwide from Monday,” the statement read.

The President of Dangote Industries Limited, Aliko Dangote hailed President Bola Tinubu for making the price reduction possible through his administration’s “naira-for-crude swap deal.”

Dangote thanked Nigerians for their unwavering support and the government for creating an enabling environment for the domestic refining industry.

“The Dangote Refinery is for the benefit of Nigeria and Nigerians. We will therefore continue to work with various value chain players to deliver high quality petrol at cheaper prices. Our aim is for all Nigerians to have ready access to high-quality petroleum products that are good for their vehicles, good for their health, and good for their pockets.”

In September, the Federal Executive Council decided to allow local refineries to purchase crude oil in Naira, with the corresponding sale of petroleum products also denominated in Naira.

This policy shift, which took effect on October 1, was aimed at reducing the pressure on the US dollar and helping to stabilize the Naira.

Dangote refinery has been reducing petrol prices through direct contact with oil marketers amidst disagreements with the national oil company.