Oil marketers sourcing Premium Motor Spirit (PMS), commonly known as petrol, from the Dangote Petroleum Refinery have reduced the product’s price by 11.8%, bringing it down from ₦1,060 to ₦939.50 per litre.
Until recently, petrol was still being sold at ₦1,060 per litre in Lagos and surrounding areas. However, fresh checks by Vanguard today revealed that major marketers, including MRS, have adjusted their pump prices to reflect the new rate.
While Alhaji Sayyu Idris Dantata, Chairman of MRS, declined to comment on the price adjustment, observations at the company’s Ojota filling station in Lagos confirmed that MRS is now selling petrol at ₦939.50 per litre.
In a related move, the Dangote Petroleum Refinery reduced its ex-pump price of petrol from ₦970 to ₦899.50 per litre. This price cut is aimed at alleviating financial pressure on Nigerians, especially with the holiday season approaching.
Commenting on the development, Anthony Chiejina, Chief Branding and Communications Officer of Dangote Group, stated:
“To alleviate transport costs during this holiday season, Dangote Refinery is offering a holiday discount on PMS. From today, our petrol will be available at ₦899.50 per litre at our truck loading gantry or SPM.
“Furthermore, for every litre purchased on a cash basis, consumers will have the opportunity to buy another litre on credit, backed by a bank guarantee from Access Bank, First Bank, or Zenith Bank.”
The price adjustment is expected to bring some relief to Nigerians amid ongoing economic challenges.
