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.

Retail outlets owned by the Nigerian National Petroleum Company Limited have raised the pump price of Premium Motor Spirit, also known as petrol, from N965 to N990 per litre in the Federal Capital Territory.

 They also increased their price in Lagos from N925 to N960 per litre.

This is even as the price of crude oil showed a marginal decline on Tuesday.

Checks by our correspondents at some of the filling stations indicated that the prices have been adjusted.

The amount is N20, or 2.1 per cent more than the N970 retail price announced by the Dangote refinery in partnership with MRS filling station, Ardova, and Heyden.

The price adjustment reflects ongoing market dynamics and aligns with the deregulation policy in the petroleum sector, which allows prices to fluctuate based on supply and demand.

This increase follows recent developments in the sector, including the commencement of loading operations at the Dangote refinery, expected to reshape the fuel supply chain in Nigeria.

Recall that on Friday, the pump prices of petrol rose to between N1,050 and N1,150 per litre following the hike in the cost of the commodity by the Dangote Petroleum Refinery and various depot owners.

The $20bn plant raised its PMS from N899/litre to N955/litre at its loading gantry.

Dealers confirmed that PMS prices would continue to rise since the major component in fuel production, crude oil, has been on the upward swing lately.

At an NNPCL outlet at Airport Junction, our correspondents observed that the station sold at N990 per litre from N965 it sold on Monday.

Another station at Life Camp listed its products at N970 per litre but was not selling to waiting customers when our correspondent visited.

Another station at Mabuchi was still selling at its previous price of N965 per litre.

Meanwhile, major and independent marketers have increased petrol prices to a peak cost of N1,030 per litre.

Checks indicated that filling stations located along Airport Road, Central Area and Nyanya in Abuja increased their retail cost between N990 and N1,030 per litre.

The amount represents an increase of N60 or 6.18 per cent from N970 it sold its products last week Friday.

AYM Shafa and Matrix filling stations along the airport road sold at N1,000 per litre while Shema station sold at N1,030.

As petrol consumers adjust to the new pump price, experts predict further changes in petrol pricing as Nigeria continues to align its energy policies with global market realities.

A source at the private depot informed that loading activity commenced fully on Monday with bulk marketers loading products from the Dangote refinery.

The source said, “Refined petroleum sales commenced fully today with no issues at all. Marketers have increased their prices between N965 and N975 per litre at depots but at filling stations, a litre increased above N1,000 in Lagos. In Akwa Ibom, prices increased to N1,100.”

Reacting, an oil and gas expert, Olatide Jeremiah, said the refinery, Depot and Pump price changes are a reflection of market forces and a testament to the petroleum sector being deregulated.

He said, “The refinery, depot and pump price changes are a reflection of market forces and a testament to the petroleum sector being deregulated. Deregulation is one major solution to fuel scarcity and hike in pump prices.

“This hike is temporary; it’s an effect of former President Biden’s ban on Russian oil companies. As of this morning, Brent crude oil prices fall to $80 per barrel as Trump assumes the Presidency.”

Meanwhile, Brent crude oil futures dropped to $79.98 per barrel on Monday, from $81 last Friday.

Brent crude for March delivery was down 1.5 per cent to trade at $79.66 per barrel at 11.20 am ET while WTI crude for February delivery declined 1.8 per cent to $76.46 per barrel.

But following the inauguration yesterday, the Brent crude rose again marginally to $80.05.

The US under Joe Biden, the immediate past president, had intensified sanctions on Russia, imposing heavy fines on its vessels.

Our correspondents observed that most NNPC stations in Lagos and Ogun sold PMS at the rate of N925/litre until around noon when the price was jerked up.

It was noted that the NNPC at Alapere and others in Lagos started selling the product at N960 around 3 pm Tuesday.

A tricycle rider said there was a long queue of buyers at one of the NNPC stations in Ketu earlier on Tuesday morning when the station retained its price at N925. However, it was said that the queue disappeared with the announcement of the new price.

“Wr thought they wanted to bring down the price initially, but it is going up again,” the tricycle rider complained as he searched for passengers.

Aside from the NNPC, other filling stations sold PMS at different rates ranging between N960 and N1,000.

It was observed that MRS, Heyden and Ardova filling stations have started selling Dangote refinery’s PMS at N970/litre.

As of Tuesday, TotalEnergies sold the product at N985; Matrix, N980; SGR in Mowe, N999; Petrocam, N1,000; Danco; N970; As-Sallam; N990; Sedabuk, N950; and Gatelink, N980, all along the Lagos-Ibadan Expressway.

Our correspondent learnt that some of the filling stations are still selling the old stock they purchased at the rate of N899.