Oil marketers lifting Premium Motor Spirit (PMS), also known as petrol, from Dangote Petroleum Refinery, have reduced the price by 11.8% to N939.50 per litre, down from N1,060 per litre.
Key Details:
1. New Price: N939.50 per litre (down from N1,060 per litre)
2. Reduction: 11.8%
3. Dangote Refinery’s Ex-pump Price: N899.50 per litre (down from N970 per litre)
4. Holiday Discount: Dangote Refinery offers a holiday discount on PMS to alleviate transport costs during the holiday season.
Reaction:
MRS, a major marketer, has adjusted its pump prices to reflect the new price. The chairman of MRS, Alhaji Sayyu Idris Dantata, declined to comment, but a visit to the company’s filling station in Ojota, Lagos, confirmed the new price.
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Impact:
The price reduction is expected to provide relief to Nigerians ahead of the holiday season, reducing transport costs and alleviating financial burdens.
Industry Implications:
The move may prompt other oil marketers to review their prices, potentially leading to a market-wide price adjustment.
Market Analysis:
The price reduction reflects the ongoing efforts to stabilize the petroleum market and ensure affordable fuel prices for Nigerians.
