MRS has raised the pump price of Premium Motor Spirit (PMS), commonly known as petrol, to N925 per litre in Lagos, up from N885 as of Friday morning.
The price hike follows an increase in the ex-depot price—the rate at which depots sell to marketers—by the Dangote Refinery, which raised its rate from N825 to N880 per litre on Friday.
In an update posted on its official X (formerly Twitter) account on Saturday, MRS announced new region-specific prices:
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N955 per litre in the Southeast
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N935 per litre in Ogun, Oyo, Ondo, Osun, and Ekiti states
MRS is one of the key distributors of products from the Dangote Refinery. Industry observers expect other partners such as Heyden and AP to adjust their prices upwards in the coming days.
According to The PUNCH, importers have also raised prices in response to rising global crude oil costs.
However, the recent surge in petrol prices has drawn criticism. On Monday, Festus Osifo, President of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), accused oil marketers of exploiting Nigerians through inflated pricing.
He argued that the current retail price of petrol should be between N700 and N750 per litre, citing falling international crude oil prices and questioning why pump prices in Nigeria remain high despite the global decline.