Oil marketers lifting Premium Motor Spirit (PMS), commonly known as petrol, from the Dangote Petroleum Refinery have reduced the price of the product by 11.8%, bringing it down from ₦1,060 to ₦939.50 per litre.

As of yesterday, petrol was still being sold at ₦1,060 per litre, as observed in Lagos and its surrounding areas.

However, fresh checks today by Vanguard revealed that major marketers, including MRS, have now revised their pump prices to reflect the change.

While Alhaji Sayyu Idris Dantata, Chairman of MRS, declined to comment on the matter, a visit to the company’s filling station in Ojota, Lagos, confirmed that MRS has begun selling petrol at ₦939.50 per litre.

In a related development, the Dangote Petroleum Refinery reduced the ex-pump price of its petrol from ₦970 to ₦899.50 per litre.

This move is aimed at easing the financial strain on Nigerians, especially as the holiday season approaches.

Commenting on the price reduction, Anthony Chiejina, Chief Branding and Communications Officer of Dangote Group, said, “To alleviate transport costs during this holiday season, Dangote Refinery is offering a holiday discount on PMS. From today, our petrol will be available at ₦899.50 per litre at our truck loading gantry or SPM.

‘‘Furthermore, for every litre purchased on a cash basis, consumers will have the opportunity to buy another litre on credit, backed by a bank guarantee from Access Bank, First Bank, or Zenith Bank.”