Oil marketers lifting the Premium Motor Spirit, PMS, also known as petrol from Dangote Petroleum Refinery, have slashed the price of the product by 11.8 per cent to N939.50 per litre, from N1,060 per litre.

As of yesterday, the oil marketers were still selling petrol at N1,060 per litre, based on Vanguard?s checks in Lagos and its environs.

But the checks today indicated that MRS, a major marketer, and others indicated that they have adjusted their pump prices.

When contacted, the chairman of MRS, Alhaji Sayyu Idris Dantata, declined to comment, but a visit to the company?s filling station in Ojota, Lagos, confirmed that MRS has started selling at N939.50 per litre.

Dangote Petroleum Refinery slashed the ex-pump price of its petrol to N899.50 per litre, from N970 per litre.

According to the refinery, the slash in price was expected to provide much-needed relief for Nigerians ahead of the holiday season.

In his statement, the Chief Branding and Communications Officer of Dangote Group, Anthony Chiejina, stated: ?To alleviate transport costs during this holiday season, Dangote Refinery is offering a holiday discount on PMS. From today, our petrol will be available at N899.50 per litre at our truck loading gantry or SPM.

??Furthermore, for every litre purchased on a cash basis, consumers will have the opportunity to buy another litre on credit, backed by a bank guarantee from Access Bank, First Bank, or Zenith Bank.? (Vanguard)