Nigerians Gasp As MRS, Marketers Push Fuel Price More Details

As international crude oil prices continue to soar, MRS Oil Nigeria Plc has increased the pump price of Premium Motor Spirit (PMS) to ₦925 per litre in Lagos, up from ₦885/litre. This latest surge adds to the financial burden of Nigerians already battling high inflation and escalating living expenses.

The new price was announced on Saturday via the company’s (formerly Twitter) handle. MRS attributed the adjustment to rising ex-depot prices, driven by the spike in global crude rates and ongoing geopolitical unrest.

According to its updated price list:

• Southeast residents will now pay ₦955/litre

• Those in Ogun, Oyo, Ondo, Osun, and Ekiti states will pay ₦935/litre

• Motorists in the Northeast are to pay ₦955/litre

• In the Northwest and North Central, the new price is ₦945/litre

MRS is a major distributor of Dangote refinery products, and its new price structure follows Dangote’s recent upward revision of ex-depot prices from ₦825 to ₦880.

Reports indicate that other marketers — including Heyden and AP — who also distribute Dangote’s fuel, are expected to implement similar price hikes in the coming days.

Industry analysts had earlier predicted this outcome, warning that sustained increases in crude oil prices would inevitably reflect at the pump, especially in Nigeria’s deregulated petroleum market where marketers adjust prices based on international market trends.

Last week, Nigeria’s top crude grades — Bonny Light, Brass River, and Qua Iboe — climbed to around $79 per barrel, exceeding the Federal Government’s 2025 benchmark of $75. This price jump was largely driven by renewed tensions between Israel and Iran, raising fears of broader Middle East instability.

According to Oilprice.com:

• Bonny Light traded at $78.62

• Brass River and Qua Iboe closed just under $79

While these figures could offer short-term fiscal gains for the government, they also pose long-term challenges for domestic fuel pricing.

Petrol ex-depot prices at independent depots also spiked, with examples including:

• Rainoil: ₦850 → ₦900

• Fynefield: ₦930

• Mainland: ₦857 → ₦920

• Sigmund: ₦920

• Matrix (Warri): ₦910

• NIPCO: ₦827 → ₦895

• Aiteo: ₦840

These changes are sourced from Petroleumprice.com.