MRS Filling Station has announced a new pricing structure, raising its pump price for petrol to ₦930 per litre in Lagos and ₦960 for residents in northern Nigeria.
The price hike, which took effect on March 28, 2025, follows the recent suspension of the sale of petroleum products in naira by the Dangote refinery.
This represents an increase of ₦70 from the previous price of ₦860 per litre in Lagos, ₦870 per litre in other South-West states, and a ₦80 increase from the ₦880 per litre previously charged in the northern regions.
The price hike at MRS stations has sparked concerns of a ripple effect, with other filling stations reportedly following suit.
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For instance, NIPCO, a key player in the market, sold at ₦930 per litre in Magboro, Ogun State, on Saturday, echoing the new pricing trend set by MRS.
The updated pricing list from MRS Oil & Gas revealed that petrol prices now vary by region. Lagos retains the lowest price at ₦930 per litre, while the South-West and Kwara regions will see petrol sold for ₦940 per litre.
The South-South and South-East regions—including states like Edo, Abia, Akwa Ibom, Bayelsa, Rivers, Cross River, and Enugu—will now pay ₦960 per litre.
In the northern states, there is a mixed pricing structure: Abuja, Kaduna, Benue, Kogi, Niger, Sokoto, Kebbi, and Nasarawa will pay ₦950 per litre, while other northern states like Zamfara, Kano, Jos, Bauchi, Taraba, Adamawa, Borno, Katsina, Jigawa, Gombe, and Yobe will see prices at ₦960 per litre.
Fluctuating FCA Prices Reflect Regional Differences
The Free Carrier Agreement (FCA) price, which determines how much marketers pay for petrol before selling it at retail stations, also varies by region. Lagos has the lowest FCA price at ₦905 per litre, while northern states such as Borno, Taraba, Adamawa, and Yobe experience FCA prices closer to ₦888 per litre.
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Despite the price hikes, independent marketers continue to face challenges, particularly with foreign exchange rates and increasing distribution expenses.
These factors have led to fuel shortages in some regions, exacerbating the difficulties consumers face in obtaining petrol.
The surge in petrol prices is linked to the recent suspension of the naira-for-crude agreement between the Dangote refinery and the Nigerian National Petroleum Corporation Limited (NNPCL).
This suspension was caused by a mismatch between the volume of crude allocated to foreign creditors and the actual sales, making it difficult for the Dangote refinery to maintain the deal.
Insiders who spoke with Punch noted that the NNPCL had to allocate large volumes of crude to foreign creditors to settle loans, which impacted the stability of the naira-for-crude initiative. As a result, private depot owners have seized the opportunity to hike their prices, contributing to the overall rise in fuel prices.
The increase in petrol prices is expected to lead to higher transport costs, which will likely drive up the prices of goods and services across the country. This could further exacerbate the already high cost of living for many Nigerians.
Industry experts have expressed hope that petrol prices could stabilise once the Dangote refinery begins selling fuel in naira after securing crude oil from the NNPC.
