Fuel Price Drops: MRS, AA Rano Cut Petrol Prices as Dangote Refinery Boosts Market Competition

Motorists in parts of Nigeria have received some relief as MRS filling stations, backed by Dangote Refinery, and other fuel marketers have reduced their petrol pump prices following recent market adjustments.

A market survey conducted on Saturday showed that MRS stations in Abuja have lowered the pump price of Premium Motor Spirit (PMS) from N1,305 to N1,265 per litre, offering consumers a N40 per litre reduction.

The new price was observed at MRS outlets in Kubwa and along the Lugbe Expressway, making the company one of the latest marketers to slash fuel prices after weeks of increases driven by fluctuations in global crude oil prices.

AA Rano filling stations also adjusted their prices, reducing the pump price by N30 per litre to N1,300, down from N1,330. The reductions have narrowed the gap between retail prices and current depot costs, providing modest relief for motorists.

The latest adjustments come less than two weeks after petrol prices rose across the country amid volatility in international crude oil markets. However, the recent pricing strategy by Dangote Refinery appears to be intensifying competition within the downstream petroleum sector.

Dangote Refinery recently announced plans to distribute petrol free of charge to marketers across at least five states and the Federal Capital Territory (FCT) while maintaining a gantry price of N1,215 per litre. The move is expected to improve product availability and influence pump prices nationwide.

Meanwhile, depot operators including Pinnacle, Emedab, NIPCO and Sigmund are reportedly selling petrol at between N1,217 and N1,222 per litre, reflecting the current wholesale market rate.

Industry observers say continued competition among refiners, depots and marketers could help stabilize fuel prices in the coming weeks, although future adjustments will still depend largely on crude oil prices, exchange rates and supply conditions.