Major downstream marketers have raised pump prices for Premium Motor Spirit (petrol) to ₦955 per litre in several Nigerian regions.
MRS stations, a prominent distributor of Dangote refinery products, now sell petrol at ₦925/litre in Lagos and ₦955/litre in the Southeast and Northeast, with ₦945/litre in the North Central and Northwest.
The price hike follows Dangote Refinery’s increase in ex-depot pricing to ₦880 per litre and is attributed to surging global crude prices. Bonny Light, Brass River, and Qua Iboe crude hovered around $79 per barrel last week due to renewed Middle East tensions.
While the federal 2025 budget benchmark pegged crude at $75/barrel, actual prices have climbed higher, with Brent and WTI rising above that level.
READ ALSO: Marketers to Dangote: Sell Petrol Below N800/Litre
This latest increase reflects a trend: depots raised wholesale prices earlier in the week, with Aiteo at ₦840/litre and Rainoil reaching ₦900, followed by Fynefield at ₦930 and Mainland at ₦920. Retail prices are expected to adjust upward accordingly across the country.
Analysts warn that continued pressure on crude prices could push pump prices past ₦1,000 per litre, which would strain inflation and consumer budgets.
