MRS Oil Nigeria Plc, a prominent player in the Nigerian downstream oil industry, has implemented a new petrol price of N935 per litre across all its retail service stations nationwide.

This follows an announcement by the President of Dangote Industries Limited, Aliko Dangote, that the Dangote Petroleum Refinery has partnered with MRS Oil and Gas to offer petrol at N935 per litre at retail outlets, following a reduction in the ex-depot price from N970 to N899.50 per litre.

In response, MRS Oil Nigeria Plc has instructed all its outlets to implement the new price immediately, setting up a digital platform and monitoring team to ensure full compliance.

The company has also called on Nigerians to report any outlets that fail to adhere to the new price structure.

“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: [email protected],” the company stated in a release.

Emphasising the eco-friendly nature of its products, MRS Oil added, “We call on all petrol station owners to join MRS Oil Nigeria Plc in improving the supply chain of our beloved country, ensuring product quality and availability in every corner of Nigeria for the benefit of all Nigerians.”

Checks by our correspondents yesterday confirmed that the new price had been implemented at all MRS Oil and Gas retail outlets nationwide.

In Lagos, commuters were seen queuing at MRS filling stations to purchase petrol. Many expressed their gratitude to Dangote Petroleum Refinery and MRS Oil and Gas, urging other marketers to support the indigenous refinery rather than import off-spec products into the country.

Mrs. Ibukun Phillips, a commuter at the MRS station at Alapere on the Lagos Ibadan Expressway, could not hide her joy as her husband filled up their car.

“I am very happy today. This is a victory for Nigeria,” she said. “The price reduction is the best gift of the season. But beyond just the reduction, we are buying standard, eco-friendly petrol at a lower rate. My husband and I have decided we will only be using MRS from now on because we are confident in the quality of the product and supporting the economy.”

Commercial bus driver Adio Ajibade described the price reduction as a great relief, especially during the festive season.

“The reduction is a great relief. It will reduce transportation costs and benefit Nigerians. God will continue to bless Alhaji Aliko Dangote,” he said.

A public affairs analyst and university lecturer, Dr. Tunde Akanni, said the collaboration between Dangote Petroleum Refinery and MRS Oil represents a significant step towards improving the affordability, quality, and sustainability of petroleum products in Nigeria.

According to Dr. Akanni, “This move will not only help ease the financial burden on Nigerians but also promote a more environmentally conscious approach to fuel consumption, benefitting both the economy and public health in the long term.”

President Bola Tinubu donned his bragging hat on Monday when he announced that for three straight months, he has fulfilled Nigeria’s financial obligations without touching remittance by Nigerian National Petroleum Company Limited (NNPCL) or exploring Ways and Means from the Central Bank of Nigeria (CBN).

“Push me to my brag mode, in the last three months, I’ve not taken a penny from NNPC before I meet my other obligations. To me, that is excellent,” a gleeful Tinubu told reporters on Monday during a chat at his Bourdillon residence in the highbrow Ikoyi area of Lagos State.

The former Lagos governor said he has met Nigeria’s financial obligations “without falling back to the old order, without going into Ways and Means, I’ve met all obligations”.

When asked whether he was scoring himself, the President said, “Why not? Will you score me? I should grade myself if I do my homework right”.

In September 2024, Nigeria’s apex bank chief Olayemi Cardoso blamed his embattled predecessor Godwin Emefiele for harming the Nigerian economy through the excess printing of money and the pumping of liquidity into the system.

“In 2015, the money supply was about N19tn, and in 2023, it was N54tn. That’s a huge increase, a very huge increase. And then a substantial amount of that was through ways and means.

“So, essentially, the printing of money resulted in a huge amount of money chasing the same amount of goods or a relative amount of goods. I think that context is very important to have.”

Known as the Ways and Means, the apex bank offered short-term financing to the Federal Government to cover its budget shortfalls.

President Bola Tinubu, Monday defended the removal of the fuel subsidy about 19 months ago.

Speaking during a presidnetial chat, Tinubu said the decision was a crucial one that needed to be implemented.

He expressed no regrets about the subsidy removal, emphasizing that it was a necessary step to address the economic realities his administration must confront.

He however said that the country is on the path of recovery.

Tinubu had presented the country’s 2025 budget proposal to the National Assembly, christened ‘Budget of Restoration: Securing Peace, Rebuilding Prosperity’.

The N49.7trillion budget aims to consolidate economic reforms, restore macroeconomic stability, foster inclusive growth, reduce poverty, and promote equitable income distribution.

Reacting to criticism on the budget presentation, he said: “Regardless of what critics are saying and the criticism, this is a budget of restoration and hope.

“Nigeria is on the path of recovery. We can’t finish the job in one calendar year. I’m not giving myself any excuse. It is only 18 months.

“The funds are used judiciously used. We consider the welfare of service men and women. We’ve a huge country with lot of forest, unoccupied spaces. So we need to give them credit for what they are doing today.

“We need to produce more for consumption locally. Give reasonable level of funding, and low interest rates to farmers. Improve the security so that people can return to farms and produce more food. Encourage procurement of manufacturing items. Production of jobs.

“We are talking of export incentives, building affordable transportation, we’ve compressed natural gas (CNG).”

On the planned tax reform, Tinubu said that the tax reforms initiated by his administration have come to stay.

The tax reform bills are currently before the National Assembly, though there are agitations by a section of the country against the bill.

The president explained that the benefits of the reforms far outweigh the concerns raised.

He added, “I am focused to ensure Nigerians get what they desire.