Retail petrol prices climbed further on Tuesday as MRS Oil Nigeria Plc and NNPC Limited adjusted their pump prices upward by N100 per litre, mirroring the recent increase announced by Dangote Petroleum Refinery & Petrochemicals.

 

 

 

The adjustment came barely a day after the refinery reviewed its Premium Motor Spirit (PMS) gantry price, pushing the ex-depot rate from N774 to N874 per litre.

 

 

 

A survey of filling stations in Abuja showed that MRS and NNPC Retail outlets raised their pump prices from N875 per litre to N975 per litre. Other independent marketers also followed suit. AYM Shafa and AA Rano implemented an N80 increase, moving their prices from N880 to N960 per litre.

 

 

 

A senior official at the refinery attributed the upward review to fluctuations in global crude oil prices and higher replacement costs, noting that the adjustment became unavoidable under prevailing international market conditions.

 

 

 

Industry checks indicated that the revised ex-depot price has already taken effect across distribution channels, setting a new benchmark that is expected to influence pump prices nationwide.

 

 

 

The development followed a temporary suspension of petrol loading operations at the refinery after international crude prices crossed the $80-per-barrel mark. While PMS loading was briefly halted, Automotive Gas Oil (diesel) operations continued without disruption.

 

 

 

The ripple effect was immediately felt in the downstream sector, with reports suggesting that several private depot owners paused petrol sales during trading hours in response to the shifting price dynamics.