MRS Oil Follows Suit Days After Dangote Slashes Diesel Price

MRS oil drops its price to N1050 per litre, after Dangote's recent cut of diesel to N940.

Diesel, often known as automotive gas oil, is currently only N1,050 per litre at all of MRS Oil PLC's Nigerian locations.

The price reduction was made public in a flyer created by the oil company. It stated that the price cut, which had dropped as much as N1,700 in some filling stations in March, was a reaction to Dangote Petroleum Refinery's recent move to further reduce the commodity's price.

The management of the oil company requested that people report any of its stores that they discovered to be selling the community for more than the agreed-upon price in the flyer.

“We are now selling AGO at all MRS retail outlets in Nigeria at N1050 per litre.

“Any station not selling at this price, please report to customer service or whistleblower," the message read.

On Tuesday, April 23, the Dangote Petroleum Refinery announced a further drop in diesel and aviation fuel prices to N940 and N980 per liter, respectively.

Dangote refinery complied with oil marketers' demands for a drop in diesel prices, bringing the commodity's price down from N1,200 per liter to N1,000 per litre.

The multi-billion dollar facility announced a further cut in diesel prices on Tuesday, although it was made clear that the change only applied to dealers who bought five million gallons or more of the fuel.

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A statement from the company was released by its spokesperson, Anthony Chiejina. “The price change of N940 applies to customers buying five million litres and above from the refinery, while the price of N970 is for customers buying one million litres and above," the statement read.

He clarified that the increased rate was in line with the business's pledge to lessen the impact of Nigeria's economic difficulties.

Chiejina stated: “I can confirm to you that Dangote Petroleum Refinery has entered a strategic partnership with MRS oil and gas stations to ensure that consumers get to buy fuel at affordable prices in all their stations, be it Lagos or Maiduguri.

“You can buy as low as one litre of diesel at N1,050 and aviation fuel at N980 at all major airports where MRS operates.” 

He added that additional significant oil marketers would be included in the cooperation.

“The essence of this is to ensure that retail buyers do not buy at exorbitant prices. The Dangote Group is committed to ensuring that Nigerians have better welfare, and as such, we are happy to announce these new prices.

The refinery's spokesperson said, “We hope that it would go a long way to cushion the effect of economic challenges in the country.”

Less than two weeks ago, the Dangote Petroleum Refinery's management announced a drop in the price of diesel from N1200 to N1,000 per liter.

The significant decrease in diesel prices on Tuesday was the third one in less than three weeks. About a month ago, the product sold for N1,700 per liter; however, Dangote Refinery later lowered the price to N1,200 per litre.

A further reduction in the price of diesel to N1,000 per liter was also carried out by the facility prior to the most recent drop to N940 per litre. According to the factory, a litre of aviation fuel costs N980

The refinery was also commended by President Bola Tinubu for its initial price decrease, which he called an impressive achievement.