MRS Oil Nigeria Plc has adjusted its pump price of Premium Motor Spirit (PMS), popularly known has petrol, to between N930 and N950 per litre across its stations in Lagos and Abuja.
The adjustment follows recent developments in the supply chain, including the decision by Dangote Refinery to suspend the sale of petroleum products in Naira.
This policy shift has forced distributors to review their pricing templates in response to currency volatility and market realities.
Field checks confirmed that MRS stations along major routes, including the Kubwa Expressway in Abuja, have commenced the implementation of the new pricing structure, moving from N880 per litre to N950.
Similarly, pump prices in Lagos now range between N930 and N950 per litre.
Other independent marketers have also adjusted pump prices in response to supply-side changes. Empire Filling Station in Gwarimpa, Abuja, increased its pump price to N975 per litre from N945.
This trend highlights the immediate pass-through effect of Dangote Refinery’s decision to transact in foreign currency.
However, the Nigerian National Petroleum Company Limited (NNPC) maintained its pump price at N880 per litre as of the weekend, creating a notable price gap between state-owned and private retail outlets.
The shift to foreign currency pricing by Dangote Refinery has further exposed the downstream market to exchange rate risks, leading to price disparities across retail outlets.
Industry analysts have noted that the adjustment may persist until market liquidity improves and exchange rate volatility moderates.
The increase in pump prices is expected to impact transportation costs and general consumer prices, as fuel remains a major input for logistics and distribution.
Operators within the informal transport sector have already begun adjusting fares while businesses dependent on road transport are expected to experience higher input costs.
MRS has yet to issue an official statement explaining the adjustment but market participants anticipate further developments as operators navigate the evolving pricing dynamics driven by forex constraints and supply shortages.
