Motorists across parts of the Federal Capital Territory have received relief following a significant reduction in the pump price of Premium Motor Spirit by MRS filling stations, a major distributor of products from Dangote Petroleum Refinery.
A market survey conducted on Friday showed that MRS outlets in Abuja and neighbouring areas adjusted the retail price of petrol from N1,317 to N1,241 per litre, representing a reduction of N76 per litre.
The latest adjustment follows the decision of Dangote Petroleum Refinery earlier this week to cut its ex-depot petrol price by N75 per litre amid a decline in global crude oil prices, which recently fell below the $80-per-barrel benchmark.
The reduction is expected to ease transportation and energy costs for consumers already grappling with the impact of rising living expenses.
Despite the downward review by MRS, several other marketers, including the Nigerian National Petroleum Company Limited and some independent fuel retailers, had yet to reflect similar reductions in their pump prices as of Friday.
The delay in price adjustments by other operators has continued to generate concerns among consumers, many of whom have called for fuel marketers to pass on the benefits of lower crude oil prices and reduced refinery loading costs to the public.
Industry observers believe that competition among marketers could trigger further price cuts in the coming days if the current trend in global oil prices persists.
Motorists across parts of the Federal Capital Territory have received relief following a significant reduction in the pump price of Premium Motor Spirit by MRS filling stations, a major distributor of products from Dangote Petroleum Refinery.
A market survey conducted on Friday showed that MRS outlets in Abuja and neighbouring areas adjusted the retail price of petrol from N1,317 to N1,241 per litre, representing a reduction of N76 per litre.
The latest adjustment follows the decision of Dangote Petroleum Refinery earlier this week to cut its ex-depot petrol price by N75 per litre amid a decline in global crude oil prices, which recently fell below the $80-per-barrel benchmark.
The reduction is expected to ease transportation and energy costs for consumers already grappling with the impact of rising living expenses.
Despite the downward review by MRS, several other marketers, including the Nigerian National Petroleum Company Limited and some independent fuel retailers, had yet to reflect similar reductions in their pump prices as of Friday.
The delay in price adjustments by other operators has continued to generate concerns among consumers, many of whom have called for fuel marketers to pass on the benefits of lower crude oil prices and reduced refinery loading costs to the public.
Industry observers believe that competition among marketers could trigger further price cuts in the coming days if the current trend in global oil prices persists.