NNPC Increase Petrol Price Again, MRS, Ardova, Others Adjust Pumps
- Motorists in Lagos rushed to filling stations selling cheaper petrol as prices crossed N1,000 per litre
- Pump prices varied across marketers, with MRS Oil Nigeria Plc and NNPC adjusting rates twice in 4 days
- The increase follows a price hike by Dangote Petroleum Refinery and rising global crude prices
Legit.ng journalist Dave Ibemere has experience in business journalism, with in-depth knowledge of the Nigerian economy, the stock market, and broader market trends.
These are tough times for Nigerians as filling stations across the country increase petrol price for the second time in just four days.
A market survey on Saturday, March 7 showed that Premium Motor Spirit (PMS), commonly known as petrol, was selling above N1,000 per litre at several retail outlets across the Lagos mainland and island, prompting motorists to rush to stations offering relatively lower prices.
Source: Getty Images
New petrol prices emerge
Stations operated by MRS Oil Nigeria Plc were selling petrol at about N1,030 per litre, while Nigerian National Petroleum Company Limited retail stations had pump prices around N1,050 per litre up from previous rate of N932 in Lagos.
Stations under Hyde Energy were selling at approximately N1,035 per litre.
Other marketers also adjusted their pump prices. Stations operated by Eterna Plc increased prices to about N1,040 per litre, while North West Petroleum & Gas Company Limited and Fatgbems Petroleum Company Limited raised prices to around N1,030 per litre.
Retail outlets under the Mobil brand sold slightly lower at about N1,025 per litre, BusinessDay reports.
However, other NNPC stations in Iwaya, Bariga, and parts of Ikoyi were dispensing petrol at N1,050 per litre as of midday.
Source: Getty Images
Why petrol price on the rise
The development comes as global crude oil prices surged above $90 per barrel, triggering adjustments across Nigeria’s downstream petroleum market.
Earlier in the week, Dangote Petroleum Refinery increased the ex-depot price of petrol from N774 to N874 per litre before further raising the gantry price to N995 per litre, reflecting the changes in global oil markets.
Billy Gillis-Harry, President of Petroleum Products Retail Outlets owners Association of Nigeria (PETROAN) told Legit.ng that , the escalating geopolitical tensions have significantly disrupted global energy markets and supply chains.
He noted that any sustained increase in crude oil prices will inevitably be reflected at petroleum retail outlets across Nigeria.
"PETROAN calls for urgent and strategic actions to safeguard Nigeria’s energy security. This includes prioritising local refineries by ensuring a steady crude oil supply and creating enabling policies that support optimal operations."
Also,Paul Alaje, chief economist at SPM Professionals, said rising crude oil prices typically lead to higher costs for refined petroleum products.
He said:
“As crude oil goes up, the cost of PMS, diesel and Jet-A1 will also follow. About nine percent has already added to the cost of PMS in Nigeria, and by the end of April, if the conflict is not managed, it might reach N1,000 or more."
Fuel supply in Nigeria
Earlier reports showed that petrol supply in Nigeria rose to about 74.2 million litres per day in December 2025, improving national availability and pushing stock levels to over 29 days.
Data from the Nigerian Midstream and Downstream Petroleum Regulatory Authority also indicated that daily supply increased from 71.5 million litres in November to 74.2 million litres.
Source: Legit.ng
