MRS, AP (Ardova), and other key partners of the Dangote Petroleum Refinery are now to sell Premium Motor Spirit (PMS), commonly known as petrol,  at a pump price of N890.

The refinery on Wednesday, April 16, announced a reduction in the gantry price of its petrol from N865 to N835.

The price drop which took immediate effect, marks the second price reduction within a week.

In a statement by its group chief branding and communications officer, Anthony Chiejina, on Wednesday, the Dangote refinery said its product will now be available at specific prices across all its partner retail outlets nationwide.

The key partners include MRS, AP (Ardova), Heyden, Optima Energy, Hyde and Techno Oil.

It stated that the retail outlets would offer petrol at N890 per litre, down from N920 in Lagos.

In the south-west, the price will be N900 per litre, reduced from N930.

In the north-west and north-central, the price will be N910 per litre, lowered from N940, while in the south-east, south-south, and north-east, the price will be N920 per litre, down from N950.

“These price reductions reaffirm our commitment to providing high-quality petrol at affordable rates, benefiting consumers across the nation.

“In addition, we are working collaboratively with our partners to ensure equitable reflection of this price reduction,”Chiejina said.

The ICIR can report that the Dangote refinery has been initiating reductions in the prices of petrol and other refined petroleum products while the Nigerian National Petroleum Company Limited (NNPCL) followed suit.

In February, the refinery reduced prices twice by N125. In addition, products such as diesel and Liquefied Petroleum Gas (LPG) have also experienced significant price reductions due to the refinery’s sustained efforts.

“We anticipate that this latest reduction in PMS prices will generate a positive ripple effect throughout various sectors of the economy, providing much-needed relief to consumers and contributing to broader economic growth, particularly during the Easter season,” Chiejina said.

He asserts that the strategy is designed to support the stability of the domestic market while also contributing to the growth of Nigeria’s foreign exchange reserves.

“Furthermore, Dangote Petroleum Refinery calls on industry stakeholders, including marketers and distributors, to continue sourcing their products from the refinery, ensuring that the benefits of these price reductions are fully realised across the country,” Chiejina added.

Earlier, The ICIR  reported that the gantry price of its petrol product was reduced from N865 to N835 per litre.

The reduction in its ex-depot price, oil marketers said was expected as it is a bold effect of a deregulated market.

“It also shows that we are moving in tandem with deregulation and price dynamics. In a competitive, deregulated petroleum market, this is expected,” a former chairman of the Major Oil Marketers Association of Nigeria (MOMAN), Adetunji Oyebanji, told The ICIR.