Dangote Refinery: MRS, other filling stations increase petrol price

The price of petrol has surged to N930 per litre in Lagos and N960 in northern states, following the recent suspension of naira payments for crude oil by the Dangote refinery.

MRS filling stations implemented the new pricing structure on March 28, 2025, marking a N70 increase from the previous rate of N860 in Lagos and N80 higher than the former N880 in the North.

Other fuel retailers have also adjusted their prices, with NIPCO reportedly selling at N930 per litre in Magboro, Ogun State, on Saturday.

According to MRS Oil & Gas, trucks will load products from its Lagos depot and distribute them across the country at varying costs.

The company’s latest pricing document confirms that Lagos has the lowest fuel rate, while northern states face the highest prices. However, the company did not specify whether it sourced its supply from the Dangote refinery.

Under the revised price framework, petrol now costs N930 per litre in Lagos, N940 in other South-West states, and N960 in the South-South and South-East regions, including Edo, Abia, Akwa Ibom, Bayelsa, Rivers, Cross River, and Enugu.

In the North, Abuja, Kaduna, Benue, Kogi, Niger, Sokoto, Kebbi, and Nasarawa will pay N950 per litre, while Zamfara, Kano, Jos, Bauchi, Taraba, Adamawa, Borno, Katsina, Jigawa, Gombe, and Yobe will pay N960.

The Free Carrier Agreement (FCA) price, which determines how much marketers pay before reselling fuel, also differs by region. Lagos has the lowest FCA price at N905 per litre, whereas states like Borno, Taraba, Adamawa, and Yobe have FCA prices around N888 per litre.

The recent suspension of the naira-for-crude initiative by the Dangote refinery was attributed to discrepancies in crude oil allocation. Sources indicate that the Nigerian National Petroleum Company Limited (NNPCL) allocated large volumes of crude to foreign creditors to settle outstanding loans, making it difficult to sustain local transactions in naira.

As a result, independent fuel importers have taken advantage of the situation, increasing depot prices. Industry analysts warn that the rising petrol costs could drive up transportation fares and the prices of goods and services.

Experts suggest that prices may stabilize once the Dangote refinery secures a reliable crude oil supply from NNPCL and resumes selling in naira. Until then, consumers across the country will have to contend with higher fuel costs.

(PUNCH)