Oil Marketers Slash Petrol Price by 11.8% to N939.50 Per Litre Following Dangote Refinery Cut

Oil marketers sourcing Premium Motor Spirit (PMS), also known as petrol, from Dangote Petroleum Refinery have reduced the price of the product by 11.8%, bringing it down to N939.50 per litre from N1,060 per litre.

As of yesterday, oil marketers were still selling petrol at N1,060 per litre, according to Vanguard’s checks in Lagos and surrounding areas. However, checks today revealed that major marketers like MRS and others had adjusted their pump prices.

When contacted, MRS Chairman Alhaji Sayyu Idris Dantata declined to comment, but a visit to the company’s filling station in Ojota, Lagos, confirmed that MRS has started selling at N939.50 per litre.

Dangote Petroleum Refinery has also reduced its ex-pump price of petrol to N899.50 per litre, down from N970 per litre. The refinery explained that this price cut was aimed at providing much-needed relief to Nigerians ahead of the holiday season.

In a statement, the Chief Branding and Communications Officer of Dangote Group, Anthony Chiejina, said: “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 N899.50 per litre at our truck loading gantry or SPM. Additionally, 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.”