ABUJA, Nigeria – Following the recent suspension of petroleum product sales in naira by the Dangote refinery, MRS Oil & Gas has implemented a new price regime, increasing its petrol pump prices across the country.
Effective March 28, 2025, MRS stations in Lagos will now charge N930 per litre, while residents in the northern part of Nigeria will pay N960 per litre.
This price hike represents a N70 increase from the previous price of N860 per litre in Lagos and N870 per litre in other South-West states.
The price in the North has seen a larger jump, rising by N80 from the previous price of N880 per litre.
Other filling stations, including NIPCO in Magboro, Ogun State, have also begun selling at the same new rates.
The new pricing structure, according to MRS Oil & Gas, varies by region, with Lagos offering the lowest rates and the northern states experiencing the highest prices.
Specifically, petrol in the South-West and Kwara will be sold at N940 per litre, while the South-South and South-East regions, including Edo, Abia, Akwa Ibom, Bayelsa, Rivers, Cross River, and Enugu, will pay N960 per litre.
In the North, prices vary depending on the state. Abuja, Kaduna, Benue, Kogi, Niger, Sokoto, Kebbi, and Nasarawa will pay N950 per litre, while states such as Zamfara, Kano, Jos, Bauchi, Taraba, Adamawa, Borno, Katsina, Jigawa, Gombe, and Yobe will see prices of N960 per litre.
MRS’s price list also indicates the Free Carrier Agreement (FCA) price, which determines the cost at which marketers purchase fuel before selling it.
Lagos has the lowest FCA price at N905 per litre, while northern states such as Borno, Taraba, Adamawa, and Yobe face FCA prices around N888 per litre.
The price hike follows a temporary suspension of the naira-for-crude deal by the Dangote refinery, which was triggered by discrepancies between the crude oil allocated to the refinery and the actual sales.
Sources familiar with the situation claim that the Nigerian National Petroleum Company Limited (NNPCL) allocated large volumes of crude to settle its foreign creditors, complicating the continuation of the naira-for-crude deal.
As a result, private depot owners have begun increasing their prices in order to maximize profits.
This rise in petrol prices is expected to lead to higher transportation costs, which could in turn cause an increase in the prices of goods and services.
