Nigerians Feel The Pinch As MRS And NNPC Lead New Petrol Price Hikes

Several filling stations in Lagos increased the pump price of Premium Motor Spirit (PMS), commonly referred to as petrol, on Monday following a rise in the ex-depot price due to the recent surge in international crude oil prices.....KINDLY READ THE FULL STORY HERE▶

Crude oil prices had sharply risen last week but saw a slight decline on Monday ahead of the inauguration of U.S. President Donald Trump.

On Sunday, Dangote Refinery attributed the recent hike in PMS prices to fluctuations in international crude oil prices. A statement from the refinery explained, “Since crude oil remains the primary input in the production of PMS, any changes in its international price directly impact the cost of the finished product.”

Dangote announced that its partners, including Ardova, Heyden, and MRS Holdings, would sell petrol nationwide at a retail price of ₦970 per litre.

On Monday, several filling stations, including MRS, adjusted their prices to ₦970 per litre.

NNPCL Stations Experience Long Queues

Despite these adjustments, Nigerian National Petroleum Company Limited (NNPCL) stations in Lagos continued selling PMS at ₦925 per litre, leading to long queues.

Daily Trust observed queues at NNPCL stations along Fadeyi on Ikorodu Road, while some outlets like those at Ojodu Berger were not dispensing fuel.

Motorist Segun Joshua explained, “Only NNPCL is selling at the lowest price at the moment, hence the queues at most of their stations.”

Long queues were also visible at MRS stations, including one along Ahmadu Bello Way, Victoria Island.

Oil Prices React to Trump Inauguration

Oil prices fluctuated on Monday as traders prepared for the inauguration of U.S. President Donald Trump. Brent crude for March delivery fell 1.5%, trading at $79.66 per barrel at 11:20 a.m. ET, while WTI crude for February delivery dropped 1.8%, settling at $76.46 per barrel.