MRS cuts Abuja petrol to ₦1,399 as depot prices fall by up to ₦75

MRS has cut its Abuja petrol price by ₦9 per litre to ₦1,399, while some Lagos depot operators have reduced wholesale petrol prices by up to ₦75 per litre. The adjustments follow lower crude oil prices and pressure from the Federal Competition and Consumer Protection Commission (FCCPC) on marketers to pass cost savings to consumers.

An MRS filling station manager in Abuja, who asked not to be named, confirmed that the Premium Motor Spirit price moved from ₦1,408 to ₦1,399 per litre. For a motorist buying 50 litres, the new price means a saving of ₦450 compared with the previous rate. It is still unclear how far the reduction has been implemented across MRS’s nationwide retail network. MRS is a major retail partner of Dangote Refinery.

Depot prices fall

At the wholesale level, market reports show some operators lowered ex-depot petrol prices from as high as ₦1,290 to ₦1,215 per litre. That is a reduction of up to ₦75 per litre and gives filling stations room to review pump prices. The wholesale reductions are coming from depot owners and marketers receiving products from Dangote Refinery.

Lower depot prices do not automatically lead to matching retail cuts. Marketers still have to cover transportation, distribution and operating costs, so pump prices may not fall by the same margin.

Crude, FCCPC pressure

The price moves come as international crude oil prices decline, raising expectations of cheaper petroleum products. West Texas Intermediate crude traded around $86 per barrel, while Brent crude stood at approximately $92.

The FCCPC had earlier urged refiners, depot owners and petroleum marketers to reflect declining crude oil costs in their selling prices. The commission stepped in after concerns that reductions in international oil prices were not being passed on quickly enough to Nigerian consumers.

NNPCL and competition

NNPCL filling stations are dispensing petrol at about ₦1,325 per litre, although prices may vary by location. The gap between reported retail prices points to continuing competition among major petroleum marketers.

Earlier, petrol prices climbed to as high as ₦1,370 per litre in Lagos, piling fresh pressure on motorists and households after another round of price adjustments by depot operators. The increases forced major filling stations, including NNPCL, MRS and Mobil, to review pump prices as marketers battled rising supply costs.

For Nigerian households and businesses struggling with high transportation and operating costs, further reductions could provide welcome relief. The key test is whether depot cuts and lower crude prices translate into sustained pump price reductions across Lagos, Abuja and other parts of the country.