Retail petrol prices rose again on Tuesday after MRS Oil Nigeria Plc and NNPC Limited increased their pump rates by N100 per litre, reflecting the recent price adjustment by Dangote Petroleum Refinery & Petrochemicals.
The hike followed the refinery’s review of its Premium Motor Spirit (PMS) gantry price, which raised the ex-depot rate from N774 to N874 per litre.
A check of filling stations in Abuja showed that MRS and NNPC Retail outlets adjusted their prices from N875 to N975 per litre. Independent marketers also revised their rates upward. AYM Shafa and AA Rano, for instance, increased their prices by N80, moving from N880 to N960 per litre.
A senior refinery official linked the price review to fluctuations in global crude oil prices and rising replacement costs, explaining that the increase was necessary given current international market conditions.
Industry sources confirmed that the new ex-depot price has already been implemented across distribution channels, establishing a benchmark likely to impact pump prices nationwide.
The adjustment came shortly after the refinery temporarily suspended petrol loading when global crude prices surpassed $80 per barrel. While PMS loading was briefly halted, Automotive Gas Oil (diesel) distribution continued uninterrupted.
The effects were quickly felt in the downstream sector, with reports indicating that several private depot owners temporarily stopped petrol sales during trading hours amid the evolving pricing situation.