Nigerian downstream oil company, MRS Oil Nigeria Plc, has increased the pump price of Premium Motor Spirit (PMS), commonly known as petrol, by ₦85 per litre in Abuja and parts of the Federal Capital Territory.
A market survey conducted by DAILY POST on Saturday showed that MRS filling stations adjusted their petrol price from ₦1,310 to ₦1,395 per litre.
The latest adjustment represents an ₦85 increase and comes shortly after a corresponding increase in the ex-depot price of petrol by Dangote Refinery.
Dangote Refinery Raises Petrol Price
The development followed an increase in the gantry price of petrol by Dangote Refinery on Friday.
The refinery reportedly raised its petrol price from ₦1,265 to ₦1,350 per litre, representing an increase of ₦85 per litre.
The latest adjustment was attributed to the sharp rise in international crude oil prices, which have recently moved above $100 per barrel.
Following earlier increases by MRS and other fuel retailers, petrol prices in Abuja and surrounding areas had risen to between ₦1,310 and ₦1,350 per litre.
However, with MRS implementing its latest adjustment, motorists and other consumers in Abuja and its environs are now paying between approximately ₦1,345 and ₦1,395 per litre, depending on the filling station.
Crude Oil Prices Surge
The latest petrol price adjustments come amid a significant increase in global crude oil prices.
As of the time of reporting, Brent crude was trading at about $104 per barrel, while West Texas Intermediate (WTI) stood at approximately $100 per barrel.
The rise in crude prices is expected to continue putting pressure on domestic petrol prices, particularly as Nigeria’s downstream petroleum market increasingly responds to movements in global oil prices and local supply costs.
The latest increase is likely to add to the financial burden on motorists and households, with higher petrol prices potentially affecting transportation costs and the prices of goods and services across the country.
