After Dangote Refinery, another oil company crashes fuel prices for Nigerians

MRS Oil Plc has crashed the diesel price to N1,051 across its outlets in Nigeria.

The information is contained in a flier by the company circulation on social media.

MRS crashes from N1,700 to N1,050/litre

The company crashed the diesel price from N1,700 when it sold the product in some filling stations last month to the recent price in response to the Dangote Refinery's decision to slash the commodity’s price.

In the flier, MRS management asked members of the public to report any outlets selling the product at a higher price than the stipulated price.

The company said:

“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.”

Dangote slashes diesel price for marketers

On Tuesday, April 23, 2024, the Dangote Refinery announced a further slash in diesel and aviation fuel prices to N940 per litre and N980 per litre, respectively.

The 650,000bpd-capacity refinery adhered to oil marketers' calls for further reductions in the commodity's price, reducing the diesel price to N1,000 from N1,200 per litre.

In announcing a further reduction in diesel prices, the refinery noted that the change only applies to dealers buying five million litres or more diesel.

The company’s spokesman, Tony Chiejine, said that the price change affects customers buying about five million litres and above from the refinery, while the N970 is for customers purchasing one million litres and above.

Punch reports that Chiejine explained that the new price aligns with the firm’s commitment to alleviating the effects of Nigeria's economic hardship.

Price slash comes with a condition “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,” Chiejina stated.

Chiejine said the company will partner with other prominent oil marketers in Nigeria.

Dangote refinery began releasing diesel to the Nigerian market two weeks ago amid wild applause and jubilation by Nigerians who hailed the development as positive for a country solely dependent on imports.

The latest move by MRS Oil Plc comes as the company is seeking shareholders’ nod to exit the Nigerian Exchange Limited (NGX).

The company disclosed this in its Extraordinary General Meeting (EGM) notice filed with the NGX.

According to reports, the company said regulatory burdens, administrative costs, emerging opportunities, and strategic goals caused the decision.