Amid escalating global crude oil prices and deepening economic hardship, MRS Oil Nigeria Plc has increased the pump price of Premium Motor Spirit (PMS) to ₦925 per litre in Lagos, up from the previous ₦885.
This development comes as a fresh blow to Nigerians already burdened by high inflation, a weakening naira, and rising cost of living.
The revised price was officially announced on Saturday through the company’s verified 𝕏 (formerly Twitter) handle. MRS attributed the price hike to increased ex-depot rates, which have been driven by global market volatility and renewed geopolitical instability.
Regional Breakdown of New Petrol Prices
According to the newly released pricing framework:
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Southwest States (Ogun, Oyo, Osun, Ondo, Ekiti): ₦935 per litre
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Southeast and Northeast Regions: ₦955 per litre
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Northwest and North Central Zones: ₦945 per litre
These figures reflect a sharp disparity across regions, influenced largely by transportation costs, insecurity in the North, and logistical complications.
Dangote Refinery Adjusts Ex-Depot Prices
MRS Oil is one of the key distributors of Dangote Refinery products. The price adjustment followed a move by the refinery to increase its ex-depot price from ₦825 to ₦880 per litre on Friday. Industry sources say this move triggered a ripple effect across the downstream sector.
Other marketers, including Heyden, AP, Rainoil, NIPCO, and Fynefield, are either expected to follow suit or have already made upward adjustments to their pump prices in response.
Industry-Wide Fuel Price Surge
According to data from Petroleumprice.com, these were the latest adjustments by major depot operators:
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Rainoil: ₦850 → ₦900
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Fynefield: ₦930
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Mainland: ₦857 → ₦920
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Sigmund: ₦920
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Matrix (Warri): ₦910
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NIPCO: ₦827 → ₦895
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Aiteo: ₦840
Marketers warn that in Nigeria’s fully deregulated fuel market, fluctuations in international oil prices are directly reflected in local pricing a reality that increasingly leaves consumers vulnerable to market shocks.
Crude Oil Prices Surpass Budget Benchmark
Nigeria’s key crude grades Bonny Light, Brass River, and Qua Iboe rose sharply last week, with prices nearing $79 per barrel. The jump was largely influenced by rising tensions in the Middle East, particularly between Israel and Iran, which renewed fears of wider regional conflict and supply disruptions.
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Bonny Light: $78.62
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Brass River and Qua Iboe: Hovered just below $79
These figures exceed the 2025 budget benchmark of $75 per barrel, potentially offering short-term revenue gains for the government. However, they also translate to increased domestic fuel prices, compounding economic stress for everyday Nigerians.
Northern Insecurity Further Strains Distribution
Complicating matters further, rising insecurity in northern Nigeria has severely impacted logistics and distribution, adding another layer of unpredictability to the market.
On Saturday, a suspected suicide bombing occurred at a bustling roadside food joint in one of the northern states. A joint emergency response was activated, involving the Nigerian Police, military, and the Explosive Ordnance Disposal–CBRN unit.
Police spokesperson Daso confirmed that several people were injured, with casualties transported to nearby hospitals for urgent care. Public awareness campaigns on explosive device risks have since been launched in the area.
“The Commissioner of Police, CP Naziru Abdulmajid, has urged residents to stay calm and report any suspicious activities,” Daso stated.
A local eyewitness described the horrifying scene:
“It’s a popular food spot. Everything was normal until we heard a thunderous explosion. People were screaming. Bodies were on the ground. It was horrific.”
The attacker was reportedly burnt beyond recognition, and several victims remain in critical condition.
Conclusion: A Perfect Storm for Fuel Crisis
As Nigerians brace for further hikes in petrol prices, the interplay of rising global crude prices, insecurity, and the consequences of market deregulation is creating a perfect storm of economic hardship. For millions of citizens already struggling to afford basic needs, the latest fuel hike may push essential goods and services even further out of reach.
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