Due to 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:
Southwest States (Ogun, Oyo, Osun, Ondo, Ekiti): ₦935 per litre
Southeast and Northeast Regions: ₦955 per litre
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:
Rainoil: ₦850 → ₦900
Fynefield: ₦930
Mainland: ₦857 → ₦920
Sigmund: ₦920
Matrix (Warri): ₦910
NIPCO: ₦827 → ₦895
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.
Bonny Light: $78.62
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.
