Marketers increase fuel price amid crude surge

Major players in Nigeria’s downstream petroleum sector, have increased the pump price of Premium Motor Spirit (PMS) across the country.

One of the players, MRS Oil,  jerked up pump  price to N925 per litre in Lagos, up from its previous price of N885.

This move follows a recent upward adjustment in the ex-depot price by the Dangote Refinery, which raised its rate from N825 to N880 on Friday.

In a post shared on its X handle on Saturday, MRS announced that the price of petrol would be N955 per litre in the Southeast region.

The company also released a new pricing structure across various states: residents of Ogun, Oyo, Ondo, Osun, and Ekiti are to pay N935 per litre; in the North East, the rate stands at N955; while those in the North West and North Central will pay N945 per litre.

READ ALSO: Dangote Refinery increases petrol price

It was gathered that MRS is a leading distributor of products from the Dangote Refinery.

Other marketers sourcing supply from the refinery, including Heyden and AP, are also expected to review their pump prices upwards in the coming days.

Prior to this, fuel importers had already adjusted their prices to reflect the rising cost of crude oil globally.

Nigeria’s primary crude grades—Bonny Light, Brass River, and Qua Iboe—recently surged to about $79 per barrel, maintaining that trend through the week. The price rally followed escalating tensions in the Middle East, particularly after Israeli strikes in Iran, which sparked concerns over broader regional instability.

As of Saturday, data from Oilprice.com showed Bonny Light trading at $78.62 per barrel, while Brass River and Qua Iboe hovered around $79. Brent crude hit $77 and WTI reached $73.84 per barrel, up from recent lows of around $65.

These levels now exceed Nigeria’s 2025 budget benchmark of $75 per barrel, suggesting a possible temporary fiscal advantage for the government.

Industry analysts had earlier cautioned that rising international crude prices would likely drive up domestic fuel costs, with refiners passing on the increased expense of crude—the fundamental input for petrol and diesel—to consumers.

Starting from Monday, major depots began adjusting pump prices upwards in response to the crude market surge. PMS prices rose from N825 to N840 at the beginning of the week. Rainoil implemented a N50 increase, moving from N850 to N900 per litre. Fynefield and Mainland followed suit, raising their ex-depot rates to N930 and N920, marking hikes of N51 and N63 respectively.

Other depot prices as of Monday included Sigmund at N920 per litre, Matrix Warri at N910, NIPCO at N895 (up from N827), and Aiteo at N840, according to Petroleumprice.com.