Petrol Prices Hit N960 Per Litre as MRS, Others Adjust Rates Following Dangote Refinery’s Naira-for-Crude Suspension
Nigerians are set to pay more for petrol as MRS filling station has implemented a new pricing regime following the recent suspension of naira payments for crude oil by Dangote Refinery. Effective March 28, 2025, the price of petrol at MRS stations has risen to N930 per litre in Lagos and N960 in northern states, reflecting an increase of N70 to N80 per litre compared to previous rates.
The revised prices indicate that petrol will now be sold at N940 per litre in the South-West and Kwara, while the South-South and South-East regions, including Edo, Abia, Akwa Ibom, Bayelsa, Rivers, Cross River, and Enugu, will pay N960 per litre. Meanwhile, in the North, states such as Abuja, Kaduna, Benue, Kogi, Niger, Sokoto, Kebbi, and Nasarawa will pay N950 per litre, while residents of Zamfara, Kano, Jos, Bauchi, Taraba, Adamawa, Borno, Katsina, Jigawa, Gombe, and Yobe will pay the highest rate of N960 per litre.
The Free Carrier Agreement (FCA) price, which determines how much marketers pay before reselling, also varies across regions. Lagos has the lowest FCA price at N905 per litre, while states like Borno, Taraba, Adamawa, and Yobe have FCA prices around N988 per litre.
Other Filling Stations Join Price Hike
MRS is not the only marketer adjusting its prices. Reports indicate that other filling stations, including NIPCO in Magboro, Ogun State, have also begun selling at the new rates. MRS Oil & Gas stated that its fuel will be transported directly from its Lagos depot to retail stations nationwide at varying costs.
Dangote Refinery’s Naira-for-Crude Suspension Sparks Crisis
The price hike follows the Dangote Refinery’s recent decision to suspend its naira-for-crude sales, citing a mismatch in crude allocation. The Nigerian National Petroleum Company Limited (NNPCL) had reportedly allocated large volumes of crude to foreign creditors to settle outstanding loans, making it difficult to sustain local crude sales in naira.
With this development, private depot owners have taken advantage of market dynamics, adjusting their prices to maximize profit. The increase in fuel prices is expected to have ripple effects, including higher transportation costs and inflation, as businesses and consumers struggle with rising operational expenses.
Uncertainty Over Price Stability
Industry experts suggest that petrol prices may stabilize if Dangote Refinery resumes selling in naira once it secures a steady crude supply from NNPCL. Until then, Nigerians must brace for higher costs at filling stations nationwide.
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