Motorists in Nigeria are set for fresh relief as MRS filling stations have reduced the retail price of Premium Motor Spirit (PMS), commonly known as petrol, by N50 per litre for the second time in two weeks. The latest adjustment brings the price at MRS stations in Abuja to N1,191 per litre, down from N1,241 per litre.
NNPC's Price Cuts Spark Competition
The move follows the Nigerian National Petroleum Company (NNPC) Limited's recent nationwide reduction in petrol prices across its retail outlets. NNPC's new prices include Lagos at N910 per litre (down from N945), Abuja at N935 per litre (down from N965), Kaduna at N945 per litre, Kano at N945 per litre, Port Harcourt at N925 per litre, Enugu at N945 per litre, and Maiduguri at N955 per litre. These reductions signal a new pricing trend in Nigeria's deregulated fuel market, prompting independent marketers to adjust their own pump prices.
Abuja Motorists Benefit from Lower Prices
With MRS's latest reduction, motorists in Abuja can now purchase petrol at N1,191 per litre, while prices at other filling stations in the Federal Capital Territory range between N1,210 and N1,300 per litre. Major marketers including AA Rano, Ranoil, Nigerian Downstream Oil and Gas Company, Empire Energy, and several independent stations have yet to match MRS's reduction. The lower pricing is expected to attract more customers as marketers compete for market share.
Dangote Refinery Price Cut Behind Reduction
Industry observers attribute the latest reduction to Dangote Refinery's decision to lower its ex-depot petrol price to N1,125 per litre. MRS, a key distributor of Dangote Refinery products, had already reduced its pump price on June 19, 2026, following an earlier cut in the refinery's gantry price. This marks the second reduction by MRS within a fortnight, underscoring the growing influence of Dangote Refinery on Nigeria's downstream petroleum market.
Declining Crude Oil Prices Offer Hope for Further Cuts
The recent wave of petrol price cuts has been supported by a decline in international crude oil prices. Brent crude and West Texas Intermediate (WTI) have fallen to between $69 and $72 per barrel following easing geopolitical tensions in the Middle East. The softer global oil market has lowered the cost of refined petroleum products, creating room for marketers to reduce pump prices. Analysts say if crude prices remain subdued and competition among marketers continues to intensify, Nigerians could see further reductions in petrol prices in the coming weeks, with some industry stakeholders projecting that pump prices could gradually move closer to the N1,000 per litre mark.
Depots Cut Petrol Prices Amid Market Competition
The ongoing competition among petroleum depots in Nigeria has seen private owners selling petrol at prices lower than those set by Dangote Refinery. This shift reflects changing market dynamics and raises questions about the impact on consumers and the long-term strategies of major players in the industry.
