By Our Reporter
MRS Filling Stations, one of the major retail partners of Dangote Refinery, has reduced the pump price of Premium Motor Spirit (PMS), offering a measure of relief to motorists amid expectations of lower fuel costs following the easing of tensions between the United States and Iran. A market survey conducted on Friday showed that MRS now sells petrol at N1,241 per litre in Abuja and its environs, down from N1,317 per litre.
The latest adjustment represents a reduction of N76 per litre, translating to a 5.77 per cent decrease in the retail price of the product. Many Nigerians had anticipated a downward review of petrol prices after the end of hostilities between the US and Iran, which contributed to a decline in global crude oil prices. However, pump prices had largely remained unchanged despite the improved outlook in the international oil market.
The development comes just days after Dangote Refinery announced a N75-per-litre reduction in its gantry price for petrol, following the drop in crude oil prices to below $80 per barrel. As of the time of filing this report, other major fuel marketers and filling stations across the country had yet to announce similar reductions in their pump prices.