Motorists in Lagos have begun buying petrol at a significantly reduced pump price of ₦739 per litre at MRS Oil Nigeria Plc filling stations.
The new price follows a strategic decision by Dangote Petroleum Refinery to slash its petrol gantry price from around ₦828 per litre to ₦699 per litre, prompting its major offtaker, MRS which operates over 2,000 retail outlets nationwide to implement the lower retail price beginning Tuesday, December 16.
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The reduction has brought immediate relief to commuters and transport operators in Lagos, where petrol had previously been selling for as high as ₦885 per litre at some stations.
Long queues of vehicles were reported at several MRS outlets as drivers rushed to take advantage of the discounted rate.
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