MRS Oil & Gas, alongside other major petroleum marketers, has implemented a significant price increase for petrol across its retail outlets nationwide, with pump prices now reaching N930 per litre in Lagos and N960 in northern states.
The new pricing structure, which took effect from March 28, represents a substantial jump of N70 from the previous rate of N860 per litre in Lagos and an N80 increase from the former N880 per litre in northern regions.
Industry observers have linked this development directly to the recent suspension of petroleum products sales in naira by the Dangote Refinery. Other filling stations have followed suit, with NIPCO reportedly selling at N930 per litre in Magboro, Ogun State, yesterday.
According to an internal price list obtained from MRS Oil & Gas, the company has implemented a regional pricing strategy based on transportation logistics from its Lagos depot to retail stations nationwide.
Under this new structure, Lagos motorists will pay N930 per litre, while consumers in other South-West states and Kwara will be charged N940 per litre. The South-South and South-East regions, including Edo, Abia, Akwa Ibom, Bayelsa, Rivers, Cross River, and Enugu, now face a higher rate of N960 per litre.
In the northern regions, prices vary slightly, with Abuja, Kaduna, Benue, Kogi, Niger, Sokoto, Kebbi, and Nasarawa stations selling at N950 per litre. Residents in Zamfara, Kano, Jos, Bauchi, Taraba, Adamawa, Borno, Katsina, Jigawa, Gombe, and Yobe will pay the maximum rate of N960 per litre.
The Free Carrier Agreement price, which determines marketers’ purchase costs, also shows regional variations, with Lagos enjoying the lowest FCA rate at N905 per litre, while distant northern states like Borno, Taraba, Adamawa, and Yobe face higher acquisition costs.
Industry sources revealed that the Dangote Refinery’s suspension of its naira-for-crude initiative follows complications in crude oil allocation. The Nigerian National Petroleum Company Limited reportedly allocated substantial volumes to foreign creditors, creating difficulties in sustaining the naira-for-crude arrangement between NNPCL and Dangote.
This development has opened the door for unrestricted product importation, with private depot owners raising prices to maximize profits amid continuing foreign exchange challenges.
Economic analysts warn that these price increases will likely trigger higher transportation costs and elevate prices across various goods and services, potentially worsening inflationary pressures on consumers already struggling with economic challenges.
Industry experts suggest that price stability might return once the Dangote Refinery secures adequate crude oil supply from NNPC and resumes selling fuel in naira, but until then, consumers nationwide must adapt to the higher costs at filling stations.
