Abuja outlets still sell at N885 per litre as old stock delay price change
Despite a nationwide surge in petrol prices, MRS Oil Nigeria Plc has maintained its pump price for premium motor spirit (PMS) at N885 per litre across its Abuja outlets—remaining one of the few major marketers yet to adjust to the new pricing trend.
A visit to several MRS filling stations in the Federal Capital Territory on Tuesday confirmed that prices remained unchanged, even as other marketers raised theirs in response to supply-side cost increases.
A manager at one MRS station, who spoke on condition of anonymity, explained that the company is still selling from its previous fuel inventory, which was purchased before the latest cost adjustments at the depots.
“We are still selling old stock,” the station manager said.
“Once the new stock arrives, a new price template will be announced.”
NNPC, Major Marketers Push Retail Price Above N950
This holding pattern by MRS contrasts with moves by other major players in the downstream sector. On Monday, the Nigerian National Petroleum Company Limited (NNPC Ltd.) raised its petrol pump price to N955 per litre, up from N890, in line with increased ex-depot pricing from refineries and private depots.
Other independent marketers—AA Rano, Shema, Empire Energy, Ranoil, and Optima—have also updated their pump prices, which now range between N950 and N971 per litre.
Depot Prices Fuel Retail Hike
At the heart of the latest petrol price surge is an upward review in ex-depot prices, with the Dangote Refinery now reportedly selling petrol at N858 per litre, up from earlier rates. Similarly, depot owners like NIPCO, Aiteo, and Ranoil have adjusted their gantry prices to between N850 and N870 per litre.
According to Chinedu Ukadike, spokesperson for the Independent Petroleum Marketers Association of Nigeria (IPMAN), this sharp climb in depot prices has made it nearly impossible for marketers to maintain previous pump prices without incurring losses.
“The pricing from refineries and depots has gone up. This is what is driving the pump price increase at retail stations nationwide,” Ukadike stated.
More Price Reviews Expected
With MRS expected to exhaust its old stock soon, industry analysts anticipate that the company will also implement a price adjustment in the coming days, bringing it in line with broader market trends.
The situation reflects continued volatility in Nigeria’s downstream sector, driven by a combination of local refining dynamics, exchange rate pressures, and shifting importation costs—factors that continue to impact the affordability and availability of petrol for consumers.