MRS Reduces Petrol Price to ₦1,399 in Abuja Amid Declines

MRS filling stations have cut the pump price of Premium Motor Spirit (PMS) to ₦1,399 per litre in Abuja, down from ₦1,408, providing a ₦9 reduction per litre for motorists. This change is part of a broader trend as major petroleum depot operators, influenced by declining crude oil prices, have also reduced their wholesale prices.

Some depot owners have lowered their ex-depot prices from ₦1,290 to ₦1,215 per litre, a reduction of up to ₦75 per litre. While this creates potential for further retail price adjustments, the extent of the reduction across MRS's nationwide network remains uncertain.

The Federal Competition and Consumer Protection Commission (FCCPC) has urged depot owners and marketers to reflect the decreasing crude oil costs in their selling prices, responding to concerns about the slow pace of passing these reductions to consumers. As of the report, West Texas Intermediate (WTI) crude was trading around $86 per barrel, and Brent crude was approximately $92.