Oil Marketers In Rat Race To Slash Petrol Price

Major oil marketers in the country may have commenced a rat race to slash petrol price at their outlets, a development certain to positively affect other products’ pricing in the country.

This is coming at a time of high incidental and actual costs of goods and services amidst stagnant income.

Two outlets where the reduction has already been implemented are petrol outlets operated by the NNPC, and the MRS Oil Nigeria Plc

NNPC Limited has reduced the pump price of petrol at its retail outlets in Abuja to N965 per litre, down from N1,030 per litre, as confirmed by visits to its retail outlets in Nyanya within Abuja.

Earlier, the company had effected a slash in petrol price from N1,060 to N1,030 per litre, effectively motorists buying directions.

In the same vein, MRS Oil Nigeria Plc, implemented a new petrol price of N935 per litre across all its retail service stations nationwide.

The move to slash petrol price, is in implementing a trade agreement it entered with Dangote Petroleum Refinery , as confirmed by the President of Dangote Industries Limited, Alhaji Aliko Dangote.

He had announced that it had partnered with MRS Oil and Gas to sell petrol at N935 per litre at retail outlets, following a reduction in the ex-depot price from N970 to N899.50 per litre.

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“Petrol is now being sold at N935 at MRS Filling Stations nationwide. If you find any station not following this price, please report it. Call 08009447853 or email: NG-FMKPMGWHISTLEBLOWING@NG.KPMG.COM,” the company stated in a release.

The Eagle reports the Independent Petroleum Marketers Association of Nigeria (IPMAN), saying yesterday that the price of petrol would drop to N935 per litre by today.

IPMAN cited reduction in Dangote Refinery’s fuel ex-depot price and uniform arrangement, saying it would enable marketers to sell at N935 in their outlets nationwide.

IPMAN national president, Alhaji Maigandi Garima, who stated this in Abuja, praised the Dangote Refinery for the development.

Many more people have been commending the Dangote initiative, aimed at ensuring the product gets to the end users.

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According to him, “Dangote refinery has brought another new arrangement of loading and pricing by which marketers would pay a fixed ex-depot price of N899. 50k.

“The refinery is running a programme whereby it wants the fuel consumption across the country to be at the same rate. We are expecting the new arrangement to kick-start Monday.

“We have been loading from the Dangote Refinery and the refinery is saving us in this festive period”.