News
Petrol prices rise nationwide as MRS, other atations hike rates
MRS Filling Station has revised its fuel pricing, increasing the pump price for petrol to ₦930 per litre in Lagos and ₦960 per litre in northern Nigeria.
This adjustment, which took effect on March 28, 2025, follows the recent suspension of naira-denominated petroleum sales by the Dangote refinery.
Significant Price Hike Across Regions
The new pricing marks a ₦70 increase from the previous ₦860 per litre in Lagos and ₦870 per litre in other South-West states. Meanwhile, northern regions that previously paid ₦880 per litre now face an ₦80 hike.
This surge in fuel prices at MRS stations is expected to trigger a domino effect, as other fuel retailers are reportedly adjusting their prices accordingly. For instance, NIPCO, a major industry player, matched MRS’s pricing, selling petrol at ₦930 per litre in Magboro, Ogun State, over the weekend.
Breakdown of New Petrol Prices
An updated pricing list from MRS Oil & Gas highlights regional price variations:
Lagos: ₦930 per litre (Lowest price nationwide)
South-West & Kwara: ₦940 per litre
South-South & South-East: ₦960 per litre (Including Edo, Abia, Akwa Ibom, Bayelsa, Rivers, Cross River, and Enugu)
Northern Nigeria:
Abuja, Kaduna, Benue, Kogi, Niger, Sokoto, Kebbi, and Nasarawa: ₦950 per litre
Zamfara, Kano, Jos, Bauchi, Taraba, Adamawa, Borno, Katsina, Jigawa, Gombe, and Yobe: ₦960 per litre
Fluctuations in FCA Prices Reflect Regional Differences
The Free Carrier Agreement (FCA) price, which influences how much marketers pay before reselling petrol, also varies across regions.
Lagos: ₦905 per litre (Lowest FCA price)
Northern States (Borno, Taraba, Adamawa, Yobe): ₦888 per litre
Factors Behind the Price Surge
The latest hike is primarily linked to the suspension of the naira-for-crude agreement between the Dangote refinery and the Nigerian National Petroleum Corporation Limited (NNPCL). This agreement was disrupted due to a misalignment between crude allocations to foreign creditors and actual sales revenue.
Industry insiders revealed that a significant portion of Nigeria’s crude oil had to be allocated to foreign lenders to settle loans, limiting the ability of the Dangote refinery to maintain its naira-based fuel supply agreement. In response, private depot operators have taken advantage of the situation to increase their fuel prices, further driving up costs for consumers.
Economic Impact and Future Outlook
The surge in fuel prices is expected to escalate transportation costs, subsequently leading to higher prices for goods and services nationwide. This trend is likely to worsen Nigeria’s rising cost of living, adding pressure on households already struggling with inflation.
However, industry experts suggest that fuel prices could stabilize once the Dangote refinery secures crude oil allocations from the NNPCL and resumes selling in naira. Until then, consumers and businesses must navigate the immediate economic strain caused by these fuel price adjustments.
Stakeholders and experts in the Seed Sector of Nigeria have appealed to President Bola Ahmed Tinubu to review the recent appointment of a substantive Director General for the National Agricultural Seed Council (NASC).
Stakeholders’ concern stemmed from the fact that Hon Fatuhu Mohammed Buhari who was appointed as substantive Director General of the Council did not possess the requisite professional qualification and cognate experience in seed science and technology as provided for in the Act establishing the Council.
In the open letter of appeal to President Tinubu signed on behalf of the Seed Sector by Engineer Olagbaju Akeju, a technical consultant/seed processor, the group cited a breach of Part III, Section 6 of the National Seed Council Act of 2019, which is the regulatory framework to establish food governance and remove quackery from the Nigeria Seed System.
Specifically, Part III, Section 6, states: “The President shall appoint on the recommendation of the Hon. Minister, candidate who possesses professional qualification and cognate experience in Seed Science and Technology.”
The group said that: “This requirement is very fundamental to continue to sustain the gain and international recognition of the Nigerian Agricultural Seed System as African model.”
According to the group, “It is for this purpose that Mr. President’s attention is invited to take another look at the appointment of Hon. Fatuhu Mohammed Buhari as Director General of the Council as earlier announced and confirmed, pending the request for Dr. Ishiaku Othman Khalid to serve as substantive Director-General of the Council for a single term.”
It would be recalled that until a few days ago, before the announcement of Hon. Fatuhu Mohammed Buhari as the Director-General by Mr. President, the Acting Director-General, Dr. Ishiaku Othman Khalid, a seasoned Seed Expert who grew within the system to become a director, was expected to be confirmed as the substantive Director General.
“During his tenure in acting capacity, the Seed Council attained international recognition as testified by the Council of Head of States in Africa Union for Food Security Committee. The Nigeria Seed System has also become remarkable as a model working for Nigeria and should be adopted by other African countries.”
On appointment of core professionals to head the Council, the group noted: “Since its establishment, the leadership of this unique agency has always been selected among the professionals in the relevant seed science and technology for the post of Director-General.
“It appeared that Mr. President was misled to appoint a non-professional as Director-General. This appointment did not only contravene the extant law but also breach Mr. President’s belief to give opportunity for serving officers to reach the pinnacle of their careers.”
By Kayode Sanni-Arewa
The Supreme Court has set aside the judgment of the Court of Appeal in Abuja recognising Julius Abure as the National Chairman of the Labour Party (LP).
In a unanimous judgment, a five-member panel of the apex court held that the Court of Appeal lacked the jurisdiction to have pronounced Abure National Chairman of the Labour Party, after finding out earlier that the substance of the case was about the party’s leadership.
The apex court held that the issue of leadership was an internal affair of a party over which courts lacked jurisdiction.
The court further allowed the appeal filed by Senator Nenadi Usman and one other and held that it was meritorious.
It also proceeded to dismiss the cross-appeal filed by the Abure group of the Labour Party for being unmeritorious.
More shortly…
The political adviser to President Bola Ahmed Tinubu, Dr Hakeem Baba-Ahmed, has resigned.
The former spokesman of the Northern Elders Forum (NEF) tendered his resignation about two weeks ago.
Presidential sources were quoted as saying Dr. Baba-Ahmed did not provide details of the reasons for his decision and only stated that it was on personal grounds.
Baba-Ahmed was appointed Special Adviser on Political Matters in the Office of Vice President Kashim Shettima in September 2023.
Over the past 17 months, he has represented the presidency at several public fora, including a recent national conference themed: “Strengthening Nigeria’s Democracy: Pathway to Good Governance and Political Integrity”, which held from 28th to 29th January, 2025 in Abuja.
Daily Trust
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