MRS, OTHERS RAISE PETROL PRICES TO N930 IN LAGOS, N960 IN NORTH 30-03-25
By Sadiq Aminu As a direct fallout of the recent suspension of sales of petroleum products in naira by the Dangote refinery, MRS filling station has effected a new price regime, raising its pump price to N930 per litre in Lagos and N960 for residents living in the northern part of the country.
The new price regime, effective from March 28, 2025, represents an increase of N70 from the previous price of N860 per litre in Lagos, N870 in other South-West states, and an N80 difference from the N880 previously sold in the North.
Some other filling stations, it was gathered, have also started selling at the same rates.
For instance, NIPCO sold at N930 in Magboro, Ogun State, on Saturday.
According to the latest price list from MRS Oil & Gas, its trucks will load products from the Lagos depot and convey them directly to its retail stations nationwide at varying costs.
The document showed that Lagos had the lowest rates, with northern states getting the highest rates. The firm, however, did not state whether it bought products from the Dangote refinery.
In Lagos, petrol will sell for N930 per litre, while states in the South-West and Kwara, will pay N940 per litre.
For the South-South and South-East regions, including Edo, Abia, Akwa Ibom, Bayelsa, Rivers, Cross River, and Enugu, the price is now N960 per litre.
The North has mixed prices, as 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 per litre.
The Free Carrier Agreement price, which determines how much marketers pay before selling fuel, also varies. Lagos has the lowest FCA price at N905 per litre, while states like Borno, Taraba, Adamawa, and Yobe have FCA prices around N888 per litre.
Recently, the Dangote refinery announced a temporary suspension in the naira-for-crude initiative following a mismatch in crude allocation paid for in naira and its actual sales.
Insiders familiar with the development said the Nigerian National Petroleum Company Limited had allocated large volumes of crude to its foreign creditors to settle the loans acquired by the firm, making it difficult to sustain the naira-for-crude deal between NNPCL and the Dangote refinery.
This allowed the free importation of products, as private depot owners hiked their prices to maximise profit.
The increase in petrol prices may lead to higher transport costs and rising prices of goods and services.
Independent marketers continue to struggle with foreign exchange rates and distribution expenses, affecting fuel availability in some areas.
Industry experts say that prices could stabilise when the Dangote Refinery starts selling fuel in naira, once it secures crude oil from NNPC. Until then, Nigerians will have to contend with higher costs at filling stations nationwide.