Amid surging global crude oil prices, MRS Oil Nigeria Plc has raised the pump price of Premium Motor Spirit (PMS) to ₦925 per litre in Lagos, up from the previous ₦885/litre, marking another blow to Nigerian consumers already grappling with inflation and high living costs.
The increase, announced via the company’s 𝕏 handle on Saturday, reflects the rising ex-depot prices driven by escalating global crude costs and geopolitical tensions.
In its updated pricing structure, MRS said petrol will now sell for ₦955 per litre in the Southeast, while residents in Ogun, Oyo, Ondo, Osun, and Ekiti will buy the product at ₦935 per litre.
Similarly, motorists in the Northeast are to pay ₦955 per litre, while those in the Northwest and North Central regions will purchase petrol at ₦945 per litre.
MRS is one of the major distributors of Dangote refinery products, and the price hike followed Dangote’s upward adjustment of its ex-depot price from ₦825 to ₦880 on Friday.
Sunday Punch gathered that other marketers such as Heyden and AP, also major distributors of Dangote’s fuel products, are expected to follow suit with similar upward price reviews in the coming days.
Industry insiders say the latest adjustment is consistent with earlier warnings by analysts that rising international crude oil prices could inevitably push up local pump prices, especially in a deregulated environment where marketers adjust pricing in response to market fluctuations.
Last week, Nigeria’s major crude grades — Bonny Light, Brass River, and Qua Iboe — surged to around $79 per barrel, following renewed conflict between Israel and Iran, which spiked fears of a broader Middle East crisis.
According to Oilprice.com, Bonny Light traded at $78.62, while Brass River and Qua Iboe closed just below $79.
This figure exceeds the Federal Government’s 2025 budget benchmark of $75 per barrel, offering potential short-term fiscal relief but long-term pressure on domestic fuel pricing.
The ripple effect of rising crude costs was already being felt across independent depots as early as Monday. Petrol ex-depot prices jumped from ₦825 to ₦840, with some marketers posting even sharper increases.
Rainoil raised its pump price from ₦850 to ₦900 per litre
Fynefield moved to ₦930 per litre
Mainland increased to ₦920, adding ₦63
Sigmund sold at ₦920
Matrix (Warri) priced at ₦910
NIPCO jumped from ₦827 to ₦895
Aiteo stood at N840, according to data from Petroleumprice.com
Security Tension In North Also Contributes To Uncertainty
In a related development, ongoing security issues in the North continue to complicate logistics and supply chain distribution for marketers.
On Saturday, a suicide bombing incident reportedly occurred in one of the region’s busy roadside eateries. According to police spokesperson Daso, a joint response team comprising the Nigeria Police Force, military, and Explosive Ordnance Disposal–CBRN unit was deployed to manage the emergency.
“The injured victims were taken to the hospital for treatment, and sensitisation on explosive ordnance risk is ongoing,” Daso said.
He added that the Commissioner of Police, Naziru Abdulmajid, has urged residents to remain calm and report any suspicious activities.
A local eyewitness recounted the chaos, he said, “It is a busy joint where people come together, buy food and eat. Everything was going normal until a loud sound was heard. It was a devastating moment. Many people died.”
The bomber was reportedly burnt beyond recognition, while several others sustained injuries.