MRS, Other Filling Stations Increase Petrol Pump Prices As Dangote Raise Ex-Depot Cost
- MRS Oil Nigeria Plc has raised petrol pump prices across its downstream chains
- The adjusted prices follow Dangote Refinery's decision to increase its gantry price
- Ardova and other marketers have also adjusted prices upward across the country
Legit.ng journalist Dave Ibemere has experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
MRS Oil Nigeria Plc has announced a new upward review of its petrol pricing as crude oil prices continue to rise.
In a notice to dealers, the company disclosed that its new pump price for Premium Motor Spirit (PMS) has been set at N1,332 per litre.
Source: Original
It also fixed company delivery at N1,290 per litre, while self-collection is priced at N1,282 per litre, Petroluemprice.ng reports.
The company has also ordered its retail outlets to immediately implement the changes, noting that its order portal has been opened for fresh bookings.
It added that the minimum order quantity for company delivery has been pegged at 50,000 litres.
All product loading, according to the notice, will take place at the Dangote Refinery.
New petrol prices in Nigeria
The latest adjustment is expected to push retail prices higher nationwide, adding to mounting inflationary pressures as petrol costs continue to rise in line with global crude oil trends and supply dynamics.
Ardova Plc has also adjusted its petrol prices to N1,350 per litre from N1,230 in Lagos.
Legit.ng survey showed that most filling stations have also adjusted their pumps to around N1,330 to N1355.
Dangote raise petrol price
Dangote Petroleum Refinery, meanwhile, has raised its gantry price of petrol to N1,275 per litre, marking its second increase within 24 hours amid surging global crude oil prices.
Barely 12 hours after an earlier hike, the refinery increased the price of PMS from N1,245 to N1,275 per litre.
The revised rate took effect from 12:00 a.m. on March 21, 2026, replacing all previously communicated prices.
In a notice to customers, the refinery stated:
“The prices contained in our previous correspondence are no longer applicable and should be disregarded.”
Source: Getty Images
Rising crude oil prices have been the main reason petrol prices in Nigeria are on the rise.
Reuters reports that Brent crude oil prices jumped on Friday, March 20, to their highest level in nearly four years after Iraq declared force majeure on all oilfields developed by foreign oil firms.
Brent futures for May settled up $3.54, or 3.26%, at $112.19 per barrel, the highest since July 2022. U.S. West Texas Intermediate crude futures for April, which expired on Friday, settled up $2.18, or 2.27%, at $98.32 per barrel.
The more actively traded second-month U.S. crude futures settled at $98.23, up 2.8%.
US approves sale of stranded Iranian crude oil
Legit.ng reported that the United States has issued a temporary and narrowly defined authorisation allowing the sale of Iranian crude oil currently stranded on vessels at sea.
According to a statement released on Saturday by Scott Bessent, the measure applies strictly to Iranian-origin oil and petroleum products that have already been loaded onto ships, with no approval for new transactions or production.
Source: Legit.ng
