MRS, other marketers raise petrol price to N1,409 despite proposed N1,350 discount

Dangote Refinery-backed MRS Oil Nigeria Limited and other fuel marketers have increased the pump prices of Premium Motor Spirit (PMS), popularly known as petrol, despite a proposed reduction to N1,350 per litre at Nigerian National Petroleum Company Limited (NNPCL) filling stations.

A market survey by DAILY POST on Sunday showed that filling stations in Abuja and its environs had raised their petrol prices to N1,409 per litre from N1,370, representing an increase of N39 per litre.

The new price had been implemented at MRS outlets in Kubwa, Katampe, Gwarimpa and other parts of the Federal Capital Territory.

Similarly, Ranoil and AA Rano increased their petrol prices by N10 per litre, from N1,400 to N1,410, across their outlets.

The increases come amid a proposal by the Federal Government to reduce petrol prices to N1,350 per litre at NNPCL filling stations.

The proposal was announced by Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms.

However, fuel retailers and marketers have called on the Federal Government to extend the proposed price discount to other filling stations to ensure that consumers across the country can benefit from the initiative.

The latest price increases also come after petrol prices recorded a downward trend in the preceding week.

Meanwhile, international crude oil prices remained elevated, with Brent crude trading at $104 per barrel and West Texas Intermediate (WTI) at $91 per barrel, according to the report.

Source: Daily Post