After Dangote Refinery, Another Oil Company Crashes Fuel Prices For Nigerians

MRS Oil Plc has announced a significant reduction in the price of diesel, slashing it from N1,700 to N1,050 per litre across all its filling stations nationwide. This move comes in the wake of the Dangote Refinery’s impact on the oil industry, marking a notable shift in fuel prices for Nigerians.

MRS Oil Plc has made a significant adjustment to its diesel pricing strategy, slashing the cost to N1,050 per litre across all its outlets in Nigeria. The company’s decision, communicated through a widely circulated social media flyer, comes in response to the recent reduction in diesel prices by the Dangote Refinery, now priced at N980 per litre.

In the flyer, MRS management urged the public to report any outlets selling diesel above the stipulated price, emphasizing their commitment to maintaining consistency in pricing. This move aligns with efforts to ensure fair pricing practices in the industry.Following the Dangote Refinery’s announcement of further price reductions, MRS Oil Plc swiftly responded by adjusting its own pricing structure, acknowledging the competitive dynamics within the market. The refinery’s decision to lower diesel prices was met with positive reactions from oil marketers and consumers alike, who see it as a step towards alleviating economic challenges in the country.

As MRS Oil Plc continues to navigate the evolving landscape of the oil and gas sector, it is also seeking shareholders’ approval to exit the Nigerian Exchange Limited (NGX), citing regulatory burdens, administrative costs, emerging opportunities, and strategic objectives as driving factors behind the decision.

Meanwhile, anticipation builds as the Port Harcourt Refinery Company in Rivers State gears up to commence the sale of refined petroleum products later this month, according to reports from oil marketers. This development signals a potential shift in the domestic fuel supply chain, with implications for both industry players and consumers.