By Sam Otuonye

MRS filling stations, backed by Dangote Refinery, and Nigerian depot owners have reduced their Premium Motor Spirit, PMS, prices, as Federal Government through the Federal Competition and Consumer Protection Commission (FCCPC) has announced plans to closely monitor petrol and diesel prices across Nigeria following a significant decline in international crude oil prices.

MRS has reportedly reduced its retail price to N1,399 per litre from N1,408 per litre, representing a reduction of N9 per litre in the filling station’s petrol price.

The downward adjustment in MRS filling stations’ retail price comes after depot owners and marketers who received petroleum products from Dangote Refinery reduced their ex-depot prices to N1,215 per litre from as high as N1,290, matching the refinery’s price.

The petrol price reduction comes amid a decline in crude oil prices, with West Texas Intermediate, WTI, and Brent crude trading at $86 and $92 per barrel, respectively, at the time of filing this report.

Meanwhile, it is expected that further reductions in retail petrol prices were imminent amid falling crude oil and imported fuel prices.

This followed the Federal Competition and Consumer Protection Commission, FCCPC’s call on refiners, marketers and depot owners to consider reducing fuel prices.

However, Nigerian National Petroleum Company Limited, NNPCL, filling stations dispense petrol at N1,325 per litre.

The Federal Government through the Federal Competition and Consumer Protection Commission (FCCPC) has announced plans to closely monitor petrol and diesel prices across Nigeria following a significant decline in international crude oil prices.

According to the commission, it would work with relevant government agencies to ensure that the reduction in global oil prices translates into lower costs for consumers at filling stations.

The FCCPC disclosed this in a statement issued on Tuesday by its spokesperson, Ondaje Ijagwu.