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Retail petrol prices surged further on Tuesday as MRS Oil Nigeria Plc and NNPC Limited increased their pump prices by N100 per litre, following a similar hike announced by Dangote Petroleum Refinery & Petrochemicals.
The adjustment came just a day after the refinery revised its Premium Motor Spirit (PMS) gantry price, raising the ex-depot rate from N774 to N874 per litre.
A survey of filling stations in Abuja showed that MRS and NNPC retail outlets raised their pump prices from N875 to N975 per litre, while other independent marketers followed suit. AYM Shafa and AA Rano implemented an N80 increase, moving prices from N880 to N960 per litre.
A senior refinery official attributed the upward review to fluctuations in global crude oil prices and higher replacement costs, noting that the adjustment was unavoidable under prevailing international market conditions.
Industry checks revealed that the revised ex-depot price has already taken effect across distribution channels, setting a new benchmark expected to influence pump prices nationwide.
The development followed a temporary suspension of petrol loading operations at the refinery after international crude prices surpassed $80 per barrel. While PMS loading was briefly halted, Automotive Gas Oil (diesel) operations continued without disruption. The ripple effect was immediately felt in the downstream sector, with several private depot owners reportedly pausing petrol sales during trading hours in response to the shifting price dynamics.
