Dangote Refinery backed MRS and AA Rano has cut petrol prices across Nigeria.
NewsOnline Nigeria reports that MRS filling stations and other petrol retailers across Nigeria have reduced their pump prices following recent adjustments in the downstream petroleum market.
A market survey on Saturday showed that MRS filling stations in Abuja lowered their petrol price from N1,305 per litre to N1,265 per litre, representing a reduction of N40 per litre.
The price cut was observed at MRS outlets in Kubwa and along the Lugbe Expressway in the Federal Capital Territory (FCT).
Similarly, AA Rano filling stations reduced their petrol pump price by N30, bringing it down from N1,330 per litre to N1,300 per litre.
The latest adjustments have brought petrol prices at the two major outlets to N1,265 and N1,300 per litre, respectively, after nearly two weeks of increases triggered by fluctuations in global crude oil prices.
The development follows an announcement by Dangote Refinery of a free petrol distribution initiative across five states, including the FCT, with its petrol supplied at a gantry price of N1,215 per litre.
The price movement comes amid a period of volatility in the international crude oil market, with Brent and West Texas Intermediate (WTI) crude prices trading around $84 and $87 per barrel, respectively.
Meanwhile, depot owners are currently dispensing petrol at prices ranging between N1,217 and N1,222 per litre at major depots, including Pinnacle, Emedab, NIPCO, and Sigmund.
Industry stakeholders expect the recent price reductions by major retailers to influence petrol pricing trends across the country in the coming days.
