KEY POINTS
- MRS Oil Nigeria Plc raised petrol prices by N100 per litre, citing rising global crude oil prices and higher replacement costs.
- The increase follows Dangote Petroleum Refinery’s ex-depot price adjustment and reflects tighter supply conditions in the downstream sector.
- Motorists and businesses nationwide face higher fuel costs, with the hike likely to influence transportation and consumer goods prices.
MRS Oil Nigeria Plc announced a sharp increase in petrol prices at its retail outlets, raising the cost of Premium Motor Spirit to nearly N975 per litre. The company said the move was necessary after Dangote Petroleum Refinery and Petrochemicals revised its gantry price, reflecting recent volatility in global crude oil markets.
A company spokesperson explained that the revision ensures that downstream operations remain viable and aligned with rising replacement costs for fuel stocks. “The adjustment became necessary due to fluctuations in international crude prices and the cost of replenishing our inventory,” the official said.
The MRS price adjustment has quickly rippled through the market. Retailers across major cities also raised their rates in response to the upstream cost reset, creating a nationwide surge in pump prices. Independent marketers raised prices slightly less, reflecting local stock availability and competition.
Supply constraints add pressure
The price change coincided with a temporary halt in petrol loading at Dangote Refinery. This brief suspension added to perceptions of tighter supply, prompting several depot owners to delay sales. MRS emphasised that despite the higher prices, fuel continues to be available at its outlets nationwide.
Motorists and transport operators have expressed concern over the sudden increase, noting the potential effect on transportation costs and consumer goods prices.
Analysts say the hike illustrates how sensitive Nigeria’s deregulated fuel market is to global oil price movements.
MRS reaffirmed its commitment to transparent pricing and maintaining steady supply. The company said it will continue monitoring global crude trends and adjust operations accordingly to ensure the sustainability of its downstream services.
