MRS Oil Nigeria Plc has increased its pump price of Premium Motor Spirit (PMS) to N975 per litre, marking a N100 jump from the N875 per litre it sold the product for just a day earlier.
The upward adjustment comes less than 24 hours after Dangote Petroleum Refinery & Petrochemicals raised its gantry price — the ex-depot rate at which marketers purchase fuel — from N774 to N874 per litre. The refinery attributed the decision to volatility in global crude oil markets and rising replacement costs.
Checks at MRS retail outlets in Abuja on Tuesday morning confirmed the new pump price, reflecting the immediate pass-through of the refinery’s increased ex-depot rate to consumers. The development signals the speed at which changes at the supply end of the value chain are now transmitted to the retail market under Nigeria’s deregulated fuel regime.
Other marketers also adjusted their prices upward, though with slight variations. NNPC Limited Retail raised its pump price to N975 per litre, aligning with MRS, while AYM Shafa and AA Rano increased theirs to N960 per litre.
The price hike follows the temporary suspension of petrol loading operations by Dangote Refinery effective midnight March 2, 2026, after international crude oil prices surged past $80 per barrel. Although the suspension affected only petrol, with diesel loading continuing uninterrupted, the move tightened supply expectations and triggered reactions across the downstream sector.
Industry data indicated that some private depot owners halted petrol sales during the trading day, further contributing to upward pricing pressure.
Market analysts say MRS’s swift adjustment highlights the growing influence of Dangote Refinery in determining downstream benchmarks. With global crude oil prices remaining volatile, consumers may continue to experience fluctuations at the pump in the weeks ahead, depending on supply dynamics and international market trends.