People queue with jerrycans to buy fuel at Mobil filling station in Lagos, on May 21, 2015. Long queues formed at petrol stations across oil-rich Nigeria on May 21 following a row over subsidy payment to petrol importers as well as sale of government oil blocks to private investors, union officials said. AFP PHOTO/PIUS UTOMI EKPEI (Photo credit should read PIUS UTOMI EKPEI/AFP/Getty Images)
Oil marketers have slashed the price of Premium Motor Spirit (PMS), commonly known as petrol, by 11.8 percent, bringing the pump price down to N939.50 per litre from the previous N1,060 per litre.
The reduction follows a price cut by Dangote Petroleum Refinery, which lowered its ex-pump price to N899.50 per litre, down from N970. The refinery announced the move as part of a holiday discount initiative aimed at easing transport costs for Nigerians during the festive season.
During a visit to an MRS filling station in Ojota, Lagos, it was confirmed that the major marketer had already implemented the revised pump price. While MRS Chairman, Alhaji Sayyu Idris Dantata, declined to comment, the adjustment signals a broader trend among marketers to align with Dangote Refinery’s new pricing.
Anthony Chiejina, Chief Branding and Communications Officer of Dangote Group, highlighted the refinery’s holiday incentive, stating, “Our petrol will be available at N899.50 per litre, and for every litre purchased on a cash basis, consumers can buy another litre on credit, supported by bank guarantees from Access Bank, First Bank, or Zenith Bank.”
The price drop is expected to bring relief to consumers and ease transportation costs as the holiday season begins. Further details on the impact of this reduction across other regions are anticipated in the coming days.
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