Petrol Price Hikes to N955/litre

Petrol Price Hikes to N955/litre

MRS filling stations, one of the key oil marketing firms in the downstream, have raised the pump price of Premium Motor Spirit (petrol) to N925/litre in Lagos, from N885/litre as crude oil prices have maintained their recent surge.

The change in MRS petrol price came after the Dangote refinery raised the ex-depot price of the product from N825 to N880 on Friday. According to a post on its X handle on Saturday, MRS said PMS would now go for N955 per litre in the Southeast.

In Ogun, Oyo, Ondo, Osun and Ekiti, MRS customers are to buy the product at N935 a litre. MRS customers in the North East would buy petrol at the rate of N955 while those in the North West and North Central would pay N945 for the product.

Sunday PUNCH reports that MRS is one of the major distributors of Dangote refinery’s products.

It is expected that other Dangote partners like Heyden and AP will hike pump prices soon.

Sunday PUNCH reports that importers had earlier increased their prices following the rise in crude prices.

Our correspondent reports that Nigeria’s major crude grades—Bonny Light, Brass River, and Qua Iboe—rose to $79 per barrel last week and sustained the rise till yesterday, following Israel’s military strikes on Iran, heightening fears of a wider Middle East conflict.

According to data from Oilprice.com as of Saturday, Bonny Light stood at $78.62 per barrel, while Brass River and Qua Iboe closed at approximately $79.

From around N65 in the past weeks, Brent stood at $77 and WTI rose to $73.84 per barrel.

The new price levels exceed the Federal Government’s 2025 budget benchmark of $75 per barrel by about $3, potentially offering short-term fiscal relief.

Analysts have earlier warned that higher crude prices could trigger an increase in local fuel prices, as refiners face rising costs for crude, the primary feedstock for petrol and diesel production.

Since Monday, depots hiked the pump prices of petrol after the escalating tension in the Middle East jerked up the prices of crude oil.

Petrol price rose from N825 to N840 on Monday. Rainoil’s price surged by N50, from N850 to N900 per litre. It was also reported that Fynefield and Mainland jerked their ex-depot prices to N930 and N920, adding N51 and N63 respectively.

As of Monday, Sigmund was selling at N920 per litre; Matrix Warri’s price was N910; NIPCO jumped to N895 from N827 last week, while Aiteo sold petrol at the rate of N840, as shown by Petroleumprice.com.

Daso said a joint response team comprising personnel of the Nigeria Police Force, the military, Explosive Ordnance Disposal–Chemical, Biological, Radiological and Nuclear unit, and other security agencies was immediately deployed to the scene to prevent further attacks and manage the emergency.

He said the injured victims were taken to hospital for medical treatment, while sensitisation on explosive ordnance risk were also ongoing.

According to Daso, the Commissioner of Police in the state, Naziru Abdulmajid, assurs residents of the command’s continued efforts to restore normalcy in the area, urging the public to remain calm, vigilant, and report any suspicious activity to the nearest security agency.

Local sources however confirmed to our correspondent that the suicide bomber burnt beyond recognition while several others injured have been taken to the hospital

“It is a busy joint where people come together, buy food and eat. There are passerby and others.

“Everything was going normal until a loud sound was heard. It was a devastating moment. Many people died” a local source confirmed

Source: Sunday PUNCH