Oil Marketers Reduce Petrol Price by 11.8% to N939.50 Per Litre
In a positive development for Nigerian consumers, oil marketers lifting Premium Motor Spirit (PMS), commonly known as petrol, from Dangote Petroleum Refinery have reduced the price by 11.8%. The price has dropped from N1,060 per litre to N939.50 per litre, providing some relief for motorists and consumers ahead of the holiday season.
As of yesterday, petrol was still being sold at N1,060 per litre in Lagos and surrounding areas, according to checks by Vanguard. However, today’s update revealed that major marketers, including MRS, had adjusted their pump prices to reflect the new rate. A visit to an MRS filling station in Ojota, Lagos, confirmed that they had started selling petrol at the new price of N939.50 per litre.
In addition to the reduction by oil marketers, Dangote Petroleum Refinery has also slashed the ex-pump price of petrol from N970 per litre to N899.50 per litre. This price reduction is part of the refinery’s initiative to offer a holiday discount, aimed at alleviating transport costs during the festive season.
The Chief Branding and Communications Officer of Dangote Group, Anthony Chiejina, explained that the price cut would help ease the financial burden on Nigerians as they prepare for the holidays. He also highlighted a special offer: consumers purchasing petrol on a cash basis will be able to buy an additional litre on credit, backed by a bank guarantee from Access Bank, First Bank, or Zenith Bank.
This price reduction is expected to have a significant impact on transport costs, which often rise during the holiday period. With the new prices in effect, Nigerians can expect some relief at the pump, especially during the busy holiday season.
The move by Dangote Refinery and other oil marketers has been welcomed by many as a step towards making petrol more affordable for Nigerians. As the holiday season approaches, the price cuts are expected to help reduce the overall cost of living for consumers.
