Petrol prices at MRS filling stations supplied by Dangote Refinery have dropped. A market survey conducted by DAILY POST on Monday showed that MRS stations in Abuja reduced their petrol price from N1,395 to N1,370 per litre.
The adjustment represents a N25 per litre reduction. MRS stations in Katampe and along Abuja’s Lugbe Expressway have adopted the new price.
The reduction comes a week after Dangote Refinery cut its gantry petrol price from N1,350 to N1,325 per litre.
Following the latest adjustment, petrol now sells for between N1,370 and N1,450 per litre in Abuja and surrounding areas.
Other filling stations, including the Nigerian National Petroleum Company Limited (NNPCL), which sources petrol from Dangote Refinery, may also cut their prices following MRS’s reduction.
Backstory…
The latest reduction in petrol prices by Dangote Refinery and MRS comes after months of increasingly aggressive price competition in Nigeria’s deregulated downstream oil market.
Dangote Refinery has repeatedly adjusted its ex-depot price this year as it sought to make locally refined petrol competitive with imported products. In May, the refinery cut its petrol price from ₦1,275 to ₦1,250 per litre, its second reduction in the space of a few months.
The market changed again in September when petrol prices climbed sharply. Dangote had raised its petrol price by ₦85 on September 12, taking the refinery’s price from ₦1,265 to ₦1,350 per litre. That increase was followed by higher prices at filling stations, with petrol selling around ₦1,395 to ₦1,450 per litre in Abuja.
Straight of hormuz influence
The effect was particularly visible when the conflict intensified again in September. Brent crude climbed to about $107 per barrel, while disrupted tanker movements through the Strait of Hormuz raised fresh concerns about global supply.
The international shock was significant because Nigeria, despite being an oil-producing country, still had to contend with global crude pricing.
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