Lagos – June 23, 2025 – The cost of Premium Motor Spirit (PMS), popularly known as petrol, has risen sharply across Nigeria, with MRS Oil Nigeria Plc adjusting its pump price to ₦925 per litre in Lagos and ₦955 in parts of the Southeast, further intensifying concerns over fuel affordability and inflationary pressure.
This development comes in response to surging global crude oil prices, which have climbed above $80 per barrel in recent weeks, driven by geopolitical tensions in the Middle East and output cuts by major oil producers. The latest increase by MRS follows similar adjustments by the Nigerian National Petroleum Company Limited (NNPCL), which earlier set pump prices at ₦915 in Lagos and ₦945 in Abuja.
Petrol stations operated by MRS across Lagos, particularly in densely populated areas such as Ikeja, Festac, and Ikorodu, were seen displaying the new rates on digital meters by Monday morning. In Enugu and Anambra, reports confirmed prices had surged beyond ₦950 per litre, with some independent marketers selling above that range.
Motorists and commuters are already feeling the heat, with transport fares rising for the third time in two weeks across major cities. Commercial drivers say the high cost of fuel is eating into their daily income and threatening business sustainability.
“We are struggling to break even,” said Chuka Eze, a commercial bus driver in Awka. “With fuel now at ₦955, we have no choice but to increase fares. It’s affecting both drivers and passengers.”
Analysts have tied the current price jump to the increase in ex-depot rates from domestic refiners, especially the Dangote Refinery, which recently set its wholesale price at about ₦880 per litre. The absence of a formal subsidy regime means fuel importers and marketers adjust pump prices based on cost trends, currency fluctuations, and supply chain challenges.
Although the federal government had projected that local refining would help reduce fuel prices in the post-subsidy era, the current reality points to the contrary. The Presidential Downstream Monitoring Task Force is reportedly reviewing the latest price spikes amid mounting public concern.
Meanwhile, economic experts warn that continued hikes in fuel prices could derail Nigeria’s inflation control efforts and further strain household purchasing power, especially in the absence of effective palliative measures.
As of Tuesday morning, there were no official government statements announcing a cap or intervention. However, sources within the Ministry of Petroleum Resources indicate that ongoing meetings may produce a framework to address retail price disparities and enhance transparency in the fuel distribution chain.
With the pump price now hovering dangerously close to the ₦1,000 mark in some regions, many Nigerians are bracing for more difficult times ahead, as the country grapples with the ripple effects of global market volatility and structural inefficiencies in the energy sector.