Petrol Prices Surge as NNPC and MRS Implement N100 Hike

Retail fuel prices saw a significant jump on Tuesday as major marketers, including NNPC Limited and MRS Oil Nigeria Plc, raised their pump prices by ₦100 per litre.

This adjustment follows a recent price hike by the Dangote Petroleum Refinery, which increased its ex-depot (gantry) rate from ₦774 to ₦874 per litre on Monday.

In Abuja, a survey of filling stations revealed that NNPC and MRS outlets moved their prices from ₦875 to ₦975 per litre.

Independent marketers also adjusted their rates, with stations like AA Rano and AYM Shafa increasing prices to ₦960 per litre. A refinery official attributed the change to the “unavoidable” impact of global crude oil volatility and higher replacement costs, particularly after international oil prices surpassed $80 per barrel.

The price review led to a temporary pause in petrol loading at the refinery and prompted several private depot owners to halt sales as they factored in new risk premiums.

While petrol operations faced disruption, the loading of Automotive Gas Oil (diesel) has reportedly continued without interruption.