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Petrol prices rise nationwide as MRS, other atations hike rates

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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.

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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

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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.

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OPay Rubbishes Viral Shutdown Rumour, Warns Against Fake Publication

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By Our Correspondent.

 

Leading fintech company, OPay Digital Services, has dismissed as false and malicious a viral social media publication claiming that the company would embark on a prolonged break from September 1, 2026, urging its customers to withdraw or move their funds.

The fabricated publication, which gained traction across social media platforms on Sunday, purportedly warned OPay customers that the fintech would shut down its operations for an extended period beginning September 1.

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However, OPay, in an official response published across its verified social media platforms, described the claim as false, assuring customers that the company remains fully operational.

In a statement titled, “This is FALSE!”, the fintech said: “OPay is not going on break by September. We’re here, and we’re going nowhere! 💚”

The company further urged its customers and members of the public to scrutinise the viral publication for inconsistencies and rely only on its verified communication channels for authentic information.

“True OPay users know how to identify our official communications. Take a closer look at the viral post and you’ll spot the red flags.

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“Always verify before you share. Filter the noise! Follow our official pages for authentic OPay updates,” the company stated, ending the message with the hashtag, #OPayIsOkay.

Also reacting to the development, the Vice President, Public and Government Affairs, OPay Digital Services, Dr. Maxwell Loko, described the viral publication as “false, malicious and misleading.”

Loko said OPay was not shutting down and cautioned customers against taking any action based on the fabricated information.

“This post is false, malicious and misleading. OPay is not shutting down, and customers should not be misled into withdrawing their funds based on fabricated information,” he said.

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He urged members of the public to disregard the publication and depend exclusively on OPay’s verified platforms for official announcements.

“We urge the public to disregard this post and rely only on OPay’s verified communication channels for official information,” Loko added.

The OPay executive further warned that deliberate attempts to spread false information capable of creating panic or undermining confidence in a financial institution could attract legal consequences.

“The deliberate spread of false information designed to cause panic or undermine confidence in a financial institution is a serious matter and may have legal consequences,” he said.

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The development has also raised concerns over the growing use of fabricated digital content to damage the reputation of financial technology companies and potentially trigger unnecessary panic among customers.

While speculation has circulated in some quarters that the publication could be linked to competitive interests seeking to undermine OPay’s growing market position, no evidence has been publicly established to substantiate such claims.

OPay therefore advised its customers to exercise caution and verify financial or operational announcements through its authenticated communication channels before acting on them.

The company’s clarification effectively puts to rest the viral claim that it would cease or suspend operations from September 1, 2026, with OPay reaffirming that its services remain available to customers.

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70-year-old granpa nabbed for sexual assault of 8-year-old girl in Bauchi

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The Bauchi State Police Command has arrested a 70-year-old man, Usman Abubakar, over the alleged defilement of an eight-year-old girl in the Tsakanin Bayara area of Bauchi metropolis.

According to a statement issued by the Command’s Police Public Relations Officer, Superintendent of Police (SP) Nafiu Habib, the suspect was arrested following a complaint lodged at the ‘E’ Division, Yelwa, by the victim’s 48-year-old father on Wednesday, August 26, 2026.

According to the police, the father alleged that the suspect, who resides in the same area, lured his daughter to an uncompleted building on Sunday, August 24, where he allegedly sexually assaulted her.

The Command said its operatives immediately commenced action after receiving the report and arrested the suspect.

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The police further stated that the suspect allegedly confessed to the offence during interrogation.

Following the incident, the victim was taken to the Police Clinic for medical examination and necessary care.

The Commissioner of Police, CP Sani-Omolori Aliyu, condemned the alleged offence and assured members of the public that the matter would be thoroughly investigated.

The case has been transferred to the State Criminal Investigation Department (SCID), Bauchi, for discreet investigation and prosecution, according to the Command.

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The police reiterated their zero tolerance for sexual violence and child abuse, while urging parents, guardians and members of the public to remain vigilant and report suspicious activities to the nearest police station.

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Peter Obi sympathizes with victims of Abuja market fire

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Nigeria Democratic Congress, NDC presidential candidate, Peter Obi, has expressed sympathy with traders and business owners affected by the fire that gutted Eda Plaza in Jabi, Abuja, on Sunday.

Obi, in a statement posted on his X handle on Sunday, said the incident highlighted the need to strengthen Nigeria’s emergency-response systems, particularly the capacity of fire services.

A fire outbreak destroyed shops and goods reportedly worth millions of naira at the plaza, a building materials market opposite Chida Hotel in Jabi.

An eyewitness told the Nigerian Television Authority that the alarm was raised around 3am after a trader received a distress call about the fire.

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The eyewitness said the fire destroyed one of his brother-in-law’s two shops and a packing store, with roofing materials worth more than N20m reportedly lost in the blaze.

There were no reported casualties.

Reacting to the incident, Obi said his “heart goes out to the traders, artisans, workers, families and business owners whose goods, investments and livelihoods may have been affected by this unfortunate incident.”

He noted that the losses suffered by the traders represented more than merchandise, noting that they included years of savings, borrowing and sacrifice.

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“As a country, we cannot continue to lose businesses and livelihoods repeatedly to preventable disasters. Each time this happens, we gradually lose our productive capacity,” he said.

The former Anambra State governor said small businesses were “the backbone of our economy” and that losses suffered by traders could affect their families, workers and communities.

Obi urged authorities to strengthen emergency-response systems, particularly by ensuring that fire services were properly equipped and adequately staffed.

“As we grieve what has happened at Jabi Market, let us not wait for another market to burn before we act. Let this tragedy become a reason to strengthen our emergency-response systems, especially by ensuring that our fire service is properly equipped, adequately staffed and capable of responding swiftly to emergencies.”

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“We must protect our small businesses and ensure that Abuja, and indeed Nigeria, becomes a safer place to live, work and invest,” he added.

Obi also prayed for those affected by the incident and emergency responders.

“May God comfort every person affected by this disaster, restore the livelihoods that have been lost, and grant our emergency responders the strength and wisdom required at this difficult moment,” he said.

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