MRS Oil has officially announced a reduction in the price of Premium Motor Spirit (PMS), commonly referred to as petrol, lowering the cost from ₦970 to ₦925 per litre in Lagos State.
This development follows the decision by the Dangote Refinery to cut its ex-depot petrol price from ₦950 to ₦890 per litre on February 1. In response to this adjustment, MRS Oil has updated its pump prices in various regions across Nigeria, implementing the following revised fuel costs:
• Lagos State: ₦925 per litre
• South West: ₦935 per litre
• Northern Nigeria: ₦945 per litre
• Eastern Nigeria: ₦955 per litre
The new prices were officially confirmed by MRS Oil on Monday via its verified X (formerly Twitter) handle, where the company stated:
“MRS Petrol is now selling at new regional prices! The prices may vary, but one thing stays the same—we give you high-quality fuel that keeps your engine running at its best.
If you notice any station selling above the listed price, we’re just a call or email away.”
MRS Oil is one of the officially recognized partners of the Dangote Refinery and has been authorized to distribute petroleum products supplied by the refinery.
Earlier on February 1, the Dangote Refinery announced a downward revision of its ex-depot price for petrol, reducing it from ₦950 to ₦890 per litre. The move was described as a strategic response to trends in the global energy market.
According to Dangote Refinery’s spokesperson, Anthony Chiejina, the price reduction was influenced by a decline in international crude oil prices and other positive developments in the energy sector.
He explained:
“Dangote Petroleum Refinery firmly believes that this reduction from ₦950 to ₦890 will lead to a significant decrease in petrol costs nationwide. This will ultimately lower the prices of goods and services and reduce the overall cost of living, creating a positive ripple effect across different sectors of the economy.”
The refinery further urged fuel marketers and distributors to ensure that the price adjustment translates into actual benefits for consumers at the pump.
Additionally, reports indicate that the revised ex-depot price of ₦890 per litre applies specifically to marketers purchasing a minimum of 2 million litres or more, reinforcing the need for large-scale buyers to reflect the new rates in their retail pricing.